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• Mitt Romney believes in the principle of reaganomics wherein
you cut taxes which is believed to bring in economic growth.
According to him the budget should cut taxes on people earning
incomes less than $200,000 a year and also cut payroll taxes on
people aged sixty five years or older.
• He supports setting up a national catastrophic fund to ensure
that people are entitled to home owners insurance in the event of
some natural disasters like hurricanes, tornadoes etc.
• He brought forward an economic stimulus package with a price
tag of $233 billion which is aimed at generating long term growth
incentives. This can be achieved by expensing capital
expenditures in the next two years and lowering corporate tax
rate so that businesses will thrive and generate revenue.
• He perpetrates the need for becoming energy independent by
making investments in alternative energy sources, reduce gas
prices and reduce taxes on middle income Americans.
• Mitt Romney suggests bringing a cut in the 342 odd different
economic programs. Of course protecting the nation's defense and
military personnel is important therefore allocation of funds for
their welfare is important.
• He believes that he can bring in savings worth $300 billion
dollars in 10 years by capping non defense discretionary spending
at inflation minus 1% and will veto any budget that exceeds that
cap.
• He wants to be known as the job senator by convincing the
government to cut deficits and raise American's savings rate by
making more capital available for companies for investment and
thereby increase employment opportunities.
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• As the country squirms through recession, President Obama's
budget plans to reduce the decades of economic inequality that
prevails in the United States. By bringing in a progressive tax
code which would involve raising the tax rates for the high
income category proportionately and increasing the tax cuts and
credits of the middle and low income stratum.
• An overhaul of Health care thereby bringing down private
health costs is in the agenda. He signed the American Recovery
and Reinvestment Act aimed at creating 3.5 million new jobs,
making important infrastructural investments and giving tax
reliefs to 95% of working class Americans.
• The President aims for a long term plan for the country
concerning clean and renewable energy. By developing alternative
sources of power like solar, bio fuels, thermal power etc he
plans to lessen imports of foreign oil thus reducing existing
deficits.
• By focusing on energy efficiency and conservation, and
curbing emissions the country would curb deadly pollution thereby
playing an active role in climate change issues.
• Obama recognizes the role of children and youth in shaping
the quality of America's future demography and thereby supports
reforms like 'No Child Left Behind' and improving education in
general right from the kindergarten level, giving essential
training and skills to teachers and rewarding them for their good
work etc.
• He aims to make college education accessible to all who are
competent by expanding Pell Grants and initiating new tax
credits.
• Obama chooses to cut down on war costs in Iraq and
Afghanistan and proposes to keep aside $250 billion to bail out
the US financial industry besides the $700 billion already set
aside.
• Before his election, Obama said that he would require
disclosure of all congressional pet projects and force lawmakers
pay for any new spending or tax breaks through new revenue and
cuts in other programs.
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