Mitt Romney Outlines His Economic Plan for America

Mitt Romney has announced his economic plans, including his proposal on how he would lower taxes for all Americans and institute reform of tort laws, all with the aim of saving the taxpayers of the nation money.

As president, he would make it his number one priority to grow the economy by creating good jobs, raise the incomes of the workers and preserve the American strength. He believes that the government is not meant to be a financial burden on the public by imposing high taxes, but that it should promote economic strength, innovation and diversity by lowering taxes and giving the taxpayer more money to spend.

Romney intends to make all income that is earned from interest, such as interest earned in savings account, dividends and capital gains tax free for the middle class as well as make the Bush tax cuts permanent as well as abolish the death tax and bring the corporate tax rate more in line with the rest of the world.

As for the tort reform, he believes that it should be enacted at the federal level in order to make the system not only more fair, but also more profitable for both the companies and the general public. Reforming the tort laws will allow companies to sustain growth while at the same time giving protection to individuals who legitimately deserve to be compensated for any legitimate loss.

He quotes figures that he says shows tort costs are too high with the costs in the US in 2005 reaching $260.8 billion. That equates out to be $880 per person. As a reference point, he says that this is greater that the entire Gross Domestic Product of almost all the countries in the world. Only 35 countries do not meet this level.

Again on the issue of law suites, Romney says that there should be a law prohibiting outrageous punitive damages.

He believes that it is important to work on ending abusive and frivolous law suits and require more disclosure when it comes to deciding contingency fee arrangements. He feels that this will be the way to put an end to these types of lawsuits and at the same time help clients to make informed decisions.

He made these statements in a speech to the Greer Chamber of Commerce in South Carolina.