Mitt Romney To Reveal His Economic Plan

Later today:
Republican US presidential hopeful Mitt Romney unveils his economic plan Tuesday, focusing on lower taxes, less regulation, scrapping the Obama health plan and ending trade "surrender" to countries such as China.

The former front-runner in his party, Romney said President Barack Obama "has had his turn at fixing the American economy" and has failed.

"For my part, I believe America can do better," Romney writes in the USA Today newspaper ahead of a speech later in the day on his economic plan.

"I have spent most of my career in the private sector starting new businesses and turning around ailing ones. Unlike career politicians who've never met a payroll, I know why jobs come and go."
Romney said he has "59 specific proposals -- including 10 concrete actions" he would undertake on his first day in office to turn around the economy.

"Each proposal is rooted in the conservative premise that government itself cannot create jobs. At best, government can provide a framework in which economic growth can occur. All too often, however, government gets in the way. The past three years of unparalleled government expansion have retaught that lesson all too well."

Romney, who had been the early frontrunner but now trails Republican Texas Governor Rick Perry in presidential polls, said that tax on income, saving and investment "must be kept low" and that "taxes on interest, dividends and capital gains for middle-income taxpayers should be eliminated."

He said the US corporate tax rate "is among the world's highest" and leaves US firms "at a competitive disadvantage and induces them to park their profits abroad, benefiting the rest of the world at our expense.

"Ultimately, I will press for a total overhaul of our overly complex and inefficient system of taxation." which the political minds at FirstRead respond:
The op-ed lists many of these proposals: keeping marginal tax rates low, eliminating capital-gains and dividend taxes for middle-income Americans, rolling back regulations like the federal health-care law, promoting free trade, standing up to China, and relying on more domestic energy production. The one potential problem we see with this laundry list is that it doesn’t contain many new ideas. The other GOP candidates have offered similar proposals.

I think that Romney has his work cut-out for him, as it appears that more and more Republicans are swinging their support behind Rick Perry (or holding out to see if Sarah Palin will throw her hat into the ring).

Photo: AP