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isobars
Joined: 12 Dec 1999 Posts: 20946
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Posted: Thu Oct 11, 2012 12:38 pm Post subject: |
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From today's WSJ [+ my comments]:
Obama's Disappearing $5 Trillion
The President's advisers concede 80% of Romney's tax-cut math.
In last week's presidential debate, President Obama seemed stunned to learn that the "$5 trillion tax cut" in his talking points, financed by a mythical middle-class tax increase, does not exist in Mitt Romney's economic plan. But now, even after the Obama campaign staff has acknowledged the error, why won't the President? [The idiot thought he won the debate.]
At last Wednesday's debate in Denver, Mr. Romney explained that he doesn't plan to cut taxes by $5 trillion. This is because, while his plan rolls back individual income tax rates by 20% and cuts the corporate rate to 25% from 35%, he also plans to reduce personal and corporate deductions.
The idea is that lower rates but fewer loopholes and the faster economic growth that results can generate a similar amount of tax revenue. The Republican also stated once again that his plan does not include a tax increase on the middle class.
Mr. Romney has been saying this for months, and over the weekend Obama campaign spokesman Jen Psaki conceded 80% of the argument. En route to California with reporters aboard Air Force One, Ms. Psaki said that the elimination of enough deductions and loopholes could in fact cover $3.8 trillion. That becomes $4 trillion if you include fewer interest payments on less debt, which means the Obama campaign was saying as of Sunday that the Romney "tax cut" was $1 trillion, not $5 trillion.
But soon after Air Force One landed, it became clear that either Mr. Obama hadn't gotten the memo—or didn't like what it said. At a Los Angeles fundraiser, Mr. Obama repeated the bogus claim that his own campaign had just repudiated.
The President said, "And when my opponent proposes $5 trillion worth of tax cuts, $2 trillion of additional military spending that our military is not asking for, and doesn't provide a single detail on how to pay for it, what that means is either we're going to be blowing up the deficit or we're going to be sticking it to folks who can't afford it."
So the Romney campaign and the Obama campaign agree that President Obama is wrong. There is no $5 trillion tax cut. But before retreating to Ms. Psaki's seemingly more reasonable $1 trillion figure, Mr. Obama should think twice.
Turns out there's trouble with that estimate too. Princeton economics professor Harvey Rosen, cited by the Obama campaign as a source for the claim that the Romney plan must raise taxes on the middle-class to avoid increasing the deficit, now says that Team Obama has been misrepresenting his research. [And so Obama's entire $5T claim is not a mistake; it is a lie.]
In fact, his work shows that increased economic growth from a more efficient tax code and lower marginal tax rates will allow Mr. Romney to cut rates and deductions while avoiding both a rate hike on the middle class and a deficit increase. Maybe Mr. Romney's reasonable, coherent explanation for this is why he won the debate. |
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swchandler
Joined: 08 Nov 1993 Posts: 10588
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Posted: Thu Oct 11, 2012 12:58 pm Post subject: |
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mrgybe, why provide a link to the WSJ when those of us who don't subscribe can't read the article? Seems to me to be a rather fruitless effort. |
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feuser
Joined: 29 Oct 2002 Posts: 1508
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Posted: Thu Oct 11, 2012 2:35 pm Post subject: |
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stevenbard wrote: | http://www.youtube.com/watch?v=B4ysvJq2N4E
Another shock video...why I vote Republican even though I don't like all their policies. |
So, who is promoting socialism? I know that most eastern European immigrants have a deep-seated aversion to socialism because of their own experience, so they become easy prey for demagogues on TR who tell them falsely that Obama is a socialist.
Only, those who didn't do quite as well as Mr Peterffy have no problem taking public assistance in any form.
Socialism is a boogeyman. The mentioning of the word seems to make some turn off their brain in a panic. That's why the right loves to throw it around. _________________ florian - ny22
http://www.windsurfing.kasail.com/ |
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w8n4wind
Joined: 12 Nov 2008 Posts: 278 Location: canada
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Posted: Thu Oct 11, 2012 3:50 pm Post subject: |
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stevenbard wrote: | http://www.youtube.com/watch?v=B4ysvJq2N4E
Another shock video...why I vote Republican even though I don't like all their policies. |
Hungary was under communist control until 1956, then the revolution.
and there is a difference between communism and socialism. _________________ i like longboards. |
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w8n4wind
Joined: 12 Nov 2008 Posts: 278 Location: canada
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mac
Joined: 07 Mar 1999 Posts: 17780 Location: Berkeley, California
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Posted: Fri Oct 12, 2012 12:51 pm Post subject: |
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w8n4wind--thanks for the link. This institute seems to be actually non-partisan, with a tie to former Bush officials and a double-bottom line investment strategy. Very interesting. |
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MalibuGuru
Joined: 11 Nov 1993 Posts: 9307
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Posted: Fri Oct 12, 2012 1:32 pm Post subject: |
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Interesting that the top 15 are all Nordic (W European) nations. It seems racist to me. |
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isobars
Joined: 12 Dec 1999 Posts: 20946
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Posted: Fri Oct 12, 2012 3:35 pm Post subject: |
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Can anyone even comprehend the sheer number of outright, public-record, Congressional-record, proven lies Biden spewed last night? I wasn't sufficiently well informed to catch all of them real time, but, man, the stream was endless now that better-informed analysts compare the debate with recorded facts, even from one sentence to the next in some cases. I know his/Obama's voting base doesn't care, but the independents, who will determine the election outcome, are seeing them unfold by the dozens today, about the economy, Biden's votes, Benghazi, Romney, Ryan, the GOP budget plan, tax cuts ... it's endless. |
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w8n4wind
Joined: 12 Nov 2008 Posts: 278 Location: canada
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nw30
Joined: 21 Dec 2008 Posts: 6485 Location: The eye of the universe, Cen. Cal. coast
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Posted: Sun Oct 14, 2012 3:18 pm Post subject: |
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Biden was a baffoon, amoung his lamest lines, "So now you are JFK?"
Ryan: "I'm closer than you are".
Which is totally accurate.
JFK totally understood taxes, and how they effect people's behavior, and how lowering taxes actually increase revenue to the government's coffers.
He wouldn't even recognize the democrat party of today, in fact he'd probably be rejected from the party.
Listen to JFK's own words, if you really care.
http://www.youtube.com/watch?feature=player_embedded&v=v4S5nM8BjwM |
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