Because taxes can significantly impact the economy by changing the cash flow available to both individuals and businesses, a presidential candidate’s view on taxes has become an increasingly hot topic during the past several election seasons.
Each presidential candidate’s view on tax policy is different. Some candidates weigh heavily on the standpoint that tax money should be used to stimulate the economy, while others believe that taxes should be severely cut in order to stimulate the economy. Taking a look at the history of how the candidates voted on taxes – as well as the stances that they have taken – can give us a good idea as to how they’ll handle taxes if elected into office.
Like all politicians, both Mitt Romney and Ron Paul have each taken their own unique positions on taxes. Here is a historic overview of what these two presidential hopefuls have said and done on the topic of U.S. taxes over the years:
Mitt Romney’s History on Taxes:
- November 1994 – Promised not to raise taxes.
- March 2002 – Promised not to freeze the tax rollback.
- May 2007 – Said that he wanted an end to taxes on capital gains, dividends and interests. That same month, he raised Massachusetts fees, but not Massachusetts taxes, and pledged no new taxes for 2007. He had refused such a pledge in 2002.
- August 2007 – Said that the death tax doesn’t make sense.
- September 2007 – Signed a no-tax pledge. At the same time, the Democrats pledged to raise taxes.
- December 2007 – Stated his intention to reduce taxes for middle-income families.
- January 2008 – Said that he never supported the Bush cuts of 2003, but that he also never opposed them. That month, he said that lowering taxes, such as the Bush tax cuts, would grow the economy. He also came out in support of a capital tax rate of zero for those with incomes as high as $200,000. Additionally, in that very same month, Romney raised Massachusetts fees of $240 million, covering only the cost of services. Highway ads were raised from $200 to $2,000. He said that recession could be avoided with tax cuts for middle-income earners, and that he supported the Bush tax cuts.
- March 2010 – Supported eliminating taxes on interest and dividends but not with the FairTax.
- August 2011 – Said that as Massachusetts governor, he cut taxes 19 times.
- September 2011 – Said that the FairTax was not structured well for the middle class.
- October 2011 – Said that the middle class needs help.
- November 2011 – Said that he didn’t want to raise taxes during a recession.
Ron Paul’s History on Taxes:
- December 1981 – Said that inflation was a type of tax for the poor and middle class.
- December 1987 – Said that the 1986 tax simplification has actually made the code harder to understand.
- December 2000 – Said income tax needed to be overhauled and the inheritance and capital gains taxes should be ended.
- March 2000 – Voted yes on small business tax cuts that totaled $46 billion.
- April 2002 – Voted to keep the Bush tax cuts permanently.
- April 2004 – Voted yes on eliminating the marriage tax penalty permanently.
- May 2004 – Voted to make the Child Tax Credit increase permanent.
- 2004 Campaign Year – His campaign slogan was The Taxpayers’ Best Friend.
- May 2007 – Supported working immediately to phase out the IRS.
- December 2007 – Said that the most sinister tax is inflation.
- January 2008 – Said that spending money would not stimulate the economy but that reducing taxes would.
- February 2008 – Expressed his support for repealing the 16th Amendment in order to get rid of income tax.
- September 2009 – Said that a disastrous tax code contributes to an underground economy.
- September 2011 – Said that governments don’t pay for tax cuts, and that they instead simply give people back their money.
- November 2011 – Said that spending is the real problem and that the tax code is merely a symptom.