Romney: STRATEGY FOR A STRONGER AMERICA: RELIEVING THE ECONOMIC BURDEN ON SENIORS

Strengthening Our Economy By Lowering The Tax Burden On Seniors:

Today, Governor Mitt Romney Discussed His Strategy To Strengthen Our Economy By Reducing The Tax Burden On Seniors. Our economy is facing unprecedented challenges and seniors face many of the same burdens of a slowing economy as families nationwide. Governor Romney has proposed an economic stimulus package that will help all seniors as they work and save.

Eliminating Payroll Taxes On Working Seniors:To Help Working Seniors, Governor Romney Will Permanently Eliminate Payroll Taxes On Employees Over The Age Of 65. It is not fair that seniors that have worked their whole life and earned their full Social Security benefit continue to owe payroll taxes to the federal government.

In This Uncertain Economic Environment, More And More Seniors Are Returning To The Workforce. From 2003 to 2006, the ranks of working seniors increased by 754,000. Governor Romney's proposal will provide an immediate tax cut to working seniors.

Governor Romney Believes That Seniors Have Already Earned Their Full Social Security Benefit And Should Not Owe Additional Payroll Taxes For Income Earned After Age 65.

Governor Romney's Plan To Eliminate Payroll Taxes For Working Seniors Will Help More Than 5.3 Million Working Seniors Nationwide. Almost 400,000 working seniors in Florida will benefit from Governor Romney's bold proposal. The level of employment in Florida for workers over 65 jumped from 302,000 to 381,000 between 2003 and 2006. This is an increase of 79,000 workers – a 26.2% jump.

Lowering The Tax Burden On Seniors And The Middle Class:

To Help All Americans, Governor Romney Will Make Middle-Class Savings Tax Free. Many seniors live off of their savings and investments. Governor Romney's savings plan will allow seniors to be more secure by eliminating taxes on these savings. For seniors and the middle class, the new tax rate on interest, capital gains and dividends will be absolutely 0%. By making savings tax free, Governor Romney will help seniors in Florida and across the nation.

Allow Over 95% Of American Families To Save And Invest Tax Free: Any taxpayer with Adjusted Gross Income under $200,000 would pay a tax rate of absolutely 0% on all of the income they earn from their savings, capital gains and dividends.

Expand The Investor Class: In recent years, over half of adult Americans have participated in the stock market either directly or through pension plans and mutual funds. Tax-free savings will encourage more families to build wealth by saving, investing and participating in the stock market, which will help grow the economy.

Governor Romney's Plan Will Help Millions Of Floridians Save And Invest Tax-Free. For Instance, According To 2005 Tax Returns:
3,173,863 Florida Taxpayers Who Earned Interest Could Have Benefited From This Tax Break.
1,651,574 Florida Taxpayers Who Earned Dividends Could Have Benefited From This Tax Break.
1,437,597 Florida Taxpayers Who Earned Capital Gains Could Have Benefited From This Tax Break.