Republican presidential front-runner Mitt Romney has cast himself as an outsider to Washington's political gridlock, and his rivals as insiders who have been part of the problem in the nation's capital.
But when it comes to financing his campaign, Romney has courted a key symbol of Washington's establishment: its lobbyists, the quietly powerful forces who are hired to try to influence government decisions.
And like financial titans on New York's Wall Street, the political insiders on Washington's K Street are investing heavily in a potential match-up between President Barack Obama and Romney.
Nearly 390 registered lobbyists and lobbying political action committees (PACs) have contributed more than $1.5 million to Romney's campaign and Restore Our Future, the independent Super PAC that backs Romney, according to a Reuters analysis of filings with the Federal Election Commission and the Senate Office of Public Records.
Now, why is that, you wonder? Oh yes. They're investing now for a big payout later due to his tax plan.
Under the plan, someone in the richest 1 percent of Americans would receive a $60,000 tax cut, while someone in the richest 0.1 percent — those making $1.7 million or more — would receive a $264,000 tax cut.
This analysis actually understates how much of the benefit would go to the wealthy under Romney’s plan, because the TPC included in its model a 20 percent reduction in the Alternative Minimum Tax, whereas Romney would abolish the AMT completely. Meanwhile, Romney’s cuts would cost $10.7 trillion over ten years, four times the cost of the Bush tax cuts.
Loot the treasury, crash the economy, get bailed out again, repeat. The people who REALLY make the laws in Washington want them some Mitt Romney bad enough to spend millions for him. When trillions are at stake, we call that a wise investment.
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