Romney Campaign Press Release - Policy Briefing: Tax-Free Savings for South Carolina Families

FOR IMMEDIATE RELEASE

CONTACT: Romney Press Shop (857) 288-6390

Governor Romney's Tax-Free Savings Plan For South Carolina Families:

On Friday, Governor Mitt Romney Outlined His Middle Class Tax Savings Plan. Governor Romney's plan will allow the middle class in South Carolina to save tax-free by changing the tax rate on interest, capital gains and dividends to absolutely 0%. By helping more South Carolinians save and invest, we can meet the challenges of an aging population and ensure the financial security of America.

- Governor Romney's Plan Will Allow Over 95% Of American Families To Save And Invest Tax-Free. Any taxpayer with Adjusted Gross Income of under $200,000 would pay a tax rate of absolutely 0% on all of the income they earn from their savings, capital gains and dividends.

Governor Romney's Plan Will Help Hundreds Of Thousands Of South Carolina Taxpayers Save And Invest Tax-Free. Based on 2005 tax returns:

- 618,610 South Carolina Taxpayers Who Earned Interest Could Have Benefited From This Tax Break.

- 321,239 South Carolina Taxpayers Who Earned Dividends Could Have Benefited From This Tax Break.

- 259,814 South Carolina Taxpayers Who Earned Capital Gains Could Have Benefited From This Tax Break.


Governor Romney's Plan Will Help Americans Build Wealth And Become Homeowners:

Governor Romney's Plan Will Help Families Save For New Homes. Recent housing market difficulties offer an important reason for helping more people save and invest. As the market softens, credit has tightened. Therefore lending standards will become much tougher. As exotic loans become less widespread, the traditional practice of saving for a home down-payment will be the new standard. Governor Romney's plan will help South Carolinians save for down-payments and achieve the American dream of home ownership.

- Governor Romney's Plan Will Put More Money In The Hands Of Existing Homeowners. By providing taxpayers with a 0% tax rate on savings, the plan will help homeowners meet their current mortgage payments. This tax cut will put more money into the hands of South Carolina homeowners.

Governor Romney's Plan Builds Upon And Extends Pro-Growth Tax Policies:

Governor Romney's Plan Builds On Pro-Growth Tax Policies Initiated In 2003. In 2003, the United States passed major cuts in the tax rate on capital gains and dividends, instituting a new, lower top rate of 15%. These tax cuts galvanized our economy. South Carolinians were able to keep more of their capital gains and reinvest in the economy:

- The Rate Of Growth In Our Economy More Than Tripled, Going From 0.8% In The Two Years Before The Rate Cuts To 3.1% In The Two Years Following The Tax Cuts.

- Following The Capital Gains Tax Rate Cut In 2003, Capital Gains Tax Receipts Actually Increased From $58 Billion In 2002 To $103 Billion In 2006.


Governor Romney's Pro-Growth Tax Agenda:

Governor Romney Has Proposed A Strong Tax Relief Agenda To Strengthen South Carolina Families. Governor Romney will make the Bush tax relief permanent, cut tax rates for all South Carolinians, abolish the death tax, and make the corporate tax rate more competitive with the rest of the world.

- Click Here To Read Governor Romney's Plan To Cut Taxes.

By Making The Bush Tax Relief Permanent, Governor Romney Will Preserve Tax Relief For Hundreds Of Thousands Of South Carolina Taxpayers:

- 1,496,000 South Carolina Taxpayers Benefited From The Tax Relief In 2006.

- 1,310,000 South Carolina Taxpayers Benefited From The Rate Reduction In The Lowest Tax Bracket In 2006.

- 447,000 South Carolina Couples Saw A Reduction In The Marriage Penalty In 2006.

- 427,000 South Carolina Taxpayers Benefited From The Increased Child Credit In 2006.