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February 5, 2008
Why Romney gets my vote today. . .
I'm pretty solidly behind Romney at this point. I'm solid on him because I've now had the time to look closely at his positives and negatives, and while I don't agree with him 100% on every issue and I think he may have a bit of that degnerative political disease; he's got one point that seals the deal for me. It's a point which most people will never hear him stump about because it's too boring for the media to touch.
From Romney's website, in the Romney Economic Stimulus Plan:
- Businesses: Governor Romney would institute immediate 100% expensing of equipment for two years and permanently reduce the corporate tax rate.
This is an out of the park home run for Romney on the economy. Critics will say that this is a windfall for big megacorps, and in a very real sense, it is; but a windfall for the megacorps is also a windfall for the middle class through IRA value increases, dividend payments to stockholders and stronger American megacorps as economic engines.
The effect on the middle class small business owner or entrepreneur from any class is simply phemomenal. One of the many barriers to starting your own small business is the cost of equipment, but not just the initial cost, there's a carried cost for years as you depreciate that equipment. You don't get to simply claim that you bought X and that should go against your income for the year. You only get to claim a part of your purchase the year you buy it and the difference you get taxed on (in many cases, this is double taxation of your money, at a time you are needing every penny and break you can find to make ends meet).
For businesss starting up, this is a great helping hand in those all so important first years. For small and large business alike, this policy would stimulate every sector of the economy as businesses expanded and modernized, buying durable goods from manufacturers and suppliers in every category. For the average Joe, it means cheaper goods and more efficient services; and lets not forget, all those new and expanding businesses will be creating jobs hand over fist.
There are a lot of reasons Romney has my vote today, but this one stands out among others as a serious masterstroke of domestic policy.
--Jason
Posted by JasonColeman at February 5, 2008 9:40 AM
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