Willard “Mitt” Romney has thrown a couple of more bones to the Middle Class. Well, kind of. Just recently, he has proposed retaining the requirement that an applicant cannot be refused Health Care Insurance for Pre-Existing Conditions, and the elimination, for the Middle Class on Dividends and Capital Gains. But, let’s look a little closer.
The Affordable (Health) Care Act (ACA), which President Barack Obama orchestrated through Congress, and signed, in 2010 has some elements that Romney, if elected, would keep. Now, ACA (“affectionately” called ObamaCare by Republicans) is mostly a mirror image of the Health Care Legislation that Romney signed into Law, when he was Governor of Massachusetts.
Mitt Romney recently stated that, if a person did not have a break in insurance
coverage, over some unspecified time period, they could not be refused coverage due to “Pre-Existing Conditions” under whatever unspecified changes he might make. But, what about people who DO have pre-existing conditions OR are in good health, but lost their Health Insurance due to a Lay-Off? Break in Coverage, SORRY!
Mitt has indicated that he wanted to eliminate the Tax on Stock Dividends and Capital Gains for the Middle Class. Nice try, Mitt; but, there are two problems with that: most Middle Class “Inhabitants” have all of their investments in Tax-Deferred Retirement Plans, such as IRAs and 401(k)s. So, that deduction does nothing whatsoever. So, who else would benefit?
For the Middle Class owning homes that are underwater, OR barely above, there would not be a Capital Gain. And, others probably wouldn’t sell their homes and, if so, they can generally roll the proceeds over into a new home. Any portion of the proceeds, that is re-invested, in another home, would not be subject to a Capital Gains Tax anyway.
SO, MITT, THANKS FOR NOTHING!
P.S. Mitt, as usual, you haven’t specified the OffSets–what you would cut to pay for these so-called Bones that you would throw out.