It's been about two months since researchers at the Brookings Institution and the nonpartisan Tax Policy Center published their devastating report on Mitt Romney's tax plan. After going out of their way to give Romney every possible benefit of the doubt, the scholars found the Republican's plan would either explode the deficit or lead to a middle-class tax hike.
Brookings and the TPC backed up their analysis, but even common sense suggests they're right -- Romney/Ryan intends to slash taxes, increase defense and entitlement spending, and balance the budget, all at the same time. There's simply no way this can be done without asking more from the middle class.
Romney, predictably, has condemned the Brookings and the TPC report, questioning the scholars' integrity and accusing the researchers of using shoddy math. Brookings' William G. Gale today sticks up for "the basic power of arithmetic" against Republican criticism, explaining that Romney's proposal really would "necessarily have to raise taxes on taxpayers below $200,000."
This was true even when we bent over backwards to make the plan as favorable to Romney as possible. We considered an unrealistically progressive way of financing the specified tax reductions. We accounted for revenue feedback coming from potential economic growth estimates as estimated by Romney advisor Greg Mankiw. We even ignored the need to finance about a trillion dollars in Romney's proposed corporate cuts.
Our conclusion was not a prediction about Governor Romney would do as President, it was an arithmetic calculation: all of the promises couldn't be met simultaneously without resorting to tax increases on households with income below $200,000.
Gale presents a terrific metaphor: suppose Romney claims he can drive a car from Boston to Los Angeles in 15 hours. Brookings and the TPC would say that would require Romney to exceed the speed limit, Obama would use this in campaign ads, and Republicans would decry the analysis as "partisan," but, "You still can't drive cross country in 15 hours without speeding."
Josh Marshall added, "If you care about these things you should take a moment and read Gale's short piece. If you're a reporter who doesn't like being lied to you should definitely read it."
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All anybody has to ask Romney is if cutting taxes and increasing defense spending actually works why did the GOP bury George Bush in an unmarked grave and vow never to mention his name again?
BAM! Nailed it. :o)
Thank you, Josh Marshall, this explains Mitts defining the middle class earning as 200K-250K,
Precisely. He can say with a straight face he's 'for the middle class' because as his team says, $200,000 to $250,000 is a Middle Class Income.
I have to ask... you two do know that taxes are going back up to Clinton rates, full SS rates, plus the Obamacare bits, this January? As in everyone's tax rates?
Where's the moaning about that?
Blankman, the fact is that EVERYONES rates will go up not just those in the "middle class" - which is fair. For everyone except the top1% rates to go up is NOT FAIR! While we can debate is it "fair" that during a recession should the taxes go up, the truth is that it was George W.'s gifts (tax cuts) skewed toward the top 5% (along with 2 wars, Medicare donut hole) that actually burst the budget.....
Now do you understand?
Zora, It's impossible for him/her/it to understand this. The right wingers have an abysmal lack of common sense.
I am not leaving the ground I stand on!
For me, Mitt Romney needs to prove he is not a serial liar, can stand up to the far-right crazies who are trying to take us back to the times of the Robber Barons, and most importantly, prove he's not a tax cheat by releasing his tax returns!
For me, the question of the moment as we enter the final weeks of the election is who is the real Mitt Romney? A question all conscientious people who dare call themselves free and liberty-minded should demand to be answered, honestly! I think it is an order too tall for one Mitt Romney!
No matter how muddied he makes this election and the variant issues we will be voting on, Mitt Romney hasn't even begun to court my vote - he's too busy going after the low-information vote while condemning the very government he claims he loves and wants to become the president of!
A vote for Mitt Romney is a vote for cognitive dissonance! -Kevo
He was put together in a science lab a long time ago, he consists of bits and pieces of old cold, selfish maggots. Happy Halloween...aka Marian Munster.
My question -- why can't the Dems (except for Clinton) make this case?
He had to make-up something quick. And they told him that this would be easy. It's easy if you are talking to a room full of vultures and pigs. Not so much when you are addressing the American people. He shouldn't have listened to the Koch brothers when they him that they would take care of everything. At least that's what the fly on the wall overheard.
The sad truth is,none of the FRAUD seem to matter.Beside Obama relative ineptitude
It is really hard this days to make the case of a sound intelligent policy argument when People want sound bites and zingers.
Ah, the dark side of a democracy.
Its identification to the mediocre among us rather than the intelligent.
People find it easy to relate to someone that thinks and talks like them rather than someone who would elevate them intellectually.
I'm surprised more hasn't been made of his claim that rich people wouldn't pay less under his plan because it will be balanced by eliminating deductions, but it will still boost the economy. Wha?!
All of the TV pundits, and I mean all of them, make more than $250,000 and all of them work for people making millions annually and all of them work for billionaires. You can't expect somebody to even understand something when they are paid not to understand let alone make the common sense argument the people from Brookings are making.
@6.1
I don't understand what you're saying. Where's my check?
Excellent point. One component of the plan is that it will stimulate the economy by allowing the "job creators" to keep more of their money and invest that money back into their businesses through hiring, etc.
But if the plan doesn't lower their taxes, then they aren't going to be keeping more of their money to reinvest. They'll have the same amount of money. The only way out of the argument is to say that lower income individuals will have more money to spend to these upper income folk will have more profit to spend, but this is exactly the opposite of the trickle-down approach that Romney and the GOP are suggesting.
Romney comes from the same old school as Bushes and the rest of the conservatives who believe if you keep repeating a lie enough times the public will come to believe it. And if you tell them enough conflicting points the public will be so confused they'll believe anything you tell them. Hey, it's worked to gain Republican voters for Romney. All I can say a liar is a liar and it seems the Right breeds them, McConnell, Boehner, Rush Limbaugh and the rest.
Where is the Real Estate Lobby? It's disengenuous to suggest that mortgage tax credits are not in play. His "bucket" nonsense that he threw out is the proof. Earlier today the Romney Campaign touted a Tax Policy Center report, and the sun rose in the east...
You people still have not learned the power of belief! Now close your eyes(which pocket is your wallet in) and concentrate, repeating this line "I will not be fooled again,I will---"ooops wrong line,"I believe in Mitt,I believe in Mitt".
Please keep those Ruby Slippers handy for a quick exit and remember to keep your legs crossed while visiting your representatives ladies.
The GOP/RNC "Master Of Manipulating Numbers" is "Richie Rich" Ryan. Yes America! The GOP/RNC "Numbers Manipulator" has no concept of what fairness even means. According to the "Math Madness" of "Richie Rich" Ryan. Over 30% of all Americans just want their welfare. The GOP/RNC "Speculator and Chief" loves to use the numbers of "Richie Rich" Ryan as well. Now little "Richie Rich" Ryan has no time to explain his "Manipulation Of Numbers" because, his numbers favor the very rich only. That is fact!
We have a debt problem that will continue to grow unless we realize and admit our revenues are to low and we need to reduce spending as well. That debt problem is the result of an aging population, rising health care costs, and, yes, revenue levels that are too low.
We are being sold a bill of goods for decades that our taxes are too high, they are crippling economic growth, they are evil. The reality is our Revenues are too low.
Here is a list of tax facts from the Center for American Progress (from 2011):
Tax revenue is at its lowest level since 1950
The US has much lower taxes than other developed countries
Today's top tax rates are historically low
Taxes on investments are also historically low
The tax on larges estates has virtually disappeared
The wealthy and superwealthy's tax rates have plunged
The US corporate tax has steadily declined
The US raises much less from corporate taxes than other countries
US corporations are taxes less than their foreign rivals
Tax breaks and tax loopholes have proliferated.
Details are here:
http://www.americanprogress.or...
Yes but try to get votes with "I will raise taxes back to a level that actually works"
Where does the right get their argument that the U.S. has the highest corporate tax rates? We have some of the lowest corporate tax rates in the world. I get so frustrated with the damned right wing lies and false talking points. They are a bunch of damned liars and I HATE THEM ALL.
Given the fact that they do not even come close to paying those rates , it does seem odd. But then again we are looking at this from a reality stance.
Let us remember that these are the same people who have ditch digging trailer living folks calling an estate tax they will never have to worry about a death tax and calling for it to be repealed.
Never underestimate the power of propaganda nor the gullibility of the less educated.
You forgot one of the causes. The older cohort of the Baby Boomers, when they became politically active in their 30s and 40s(the late 1970s and 1980s), they voted themselves a bunch of tax breaks. This means they are actually the grasshopper, not the ant, in their favorite Aesop's Fable.
Obviously, Mormon math has the distinct advantage of incredible flexibility and adaptivness that the rest of the universe only wishes it had. No wonder they encouraged Romney to start Bain Capitol. His boss knew that Mitt couldn't run an actual brick and mortar business without driving it into bankruptcy, so they just loaded up his clients with debt, extracted - excuse me, "harvested" - the fees and assets, then dumped them like a bloodied body in the East River. This is what they teach you at Harvard Business School, how to create phony schemes and extort from your own government. And in America, if you get good at that, you can even run for president.
Well, I guess if you're the answer to the White Horse Prophecy, you can magically make a special math that only works if you wear the magic underwear.
A gallon of Gas hit $5.84 today in California. How is that helping your candidate MSNBC?
In July 2008 when President Bush was in office and gas had hit its highest price of $4.27. at that time Fox News pushed the narrative, which research Media Matters to see, that the President had absolute no control over the price of gasoline. In fact this is what Bill O'Reilly said:
"Next time you hear a politician say he or she will bring down oil prices
understand it’s complete [bull@!$%#]. Americans want lower gas prices — cut back. Sell those SUVs. Ride a bike when you can. If every one of us bought 10 percent less gasoline, prices would fall fast. That’s what the candidates should be saying. We need a strong leader who’s honest, smart, courageous and willing to explain dubious associations. That’s what we need."
Right wingers only recognize revisionist history. They stick their fingers in their ears and their hands over their eyes and see and hear nothing. I think they are a bunch of idiots.
Dang that Obama for setting that refinery fire, causing the electrical problem at the other one, and shutting down the pipeline! It's all his fault!
SoCal, apparently quite well, thanks for asking.
As for the cost of gasoline in California, some of that is due to having to meet state requirements for what goes into gasoline. The rest is likely due to the major oil companies purchasing, then shutting down, all the independent refineries they could get their hands on; thus removing competition.
You were saying?
So has anyone seen the article about the author of this study that says Obama is mis-characterizing his study and that it can work without raising taxes? Curious how calling someone a liar does not mean its true.
Curious that someone who has so many numbers in his screen name knows so little about math. . . Oops! I forgot you right wing nut jobs don't learn math.
During the first debate Mitch re stated that he does have, or need a detailed tax plan, because he expects to give the Republicans in the House an outline, and sign the resulting bill. Want to know the details ? Ask Boehner. If it works out it will be Mitch's Big Idea, and when it fails it will be the fault of Congress for not going all in. Tom Peters, of the Peter's Principle would probably label a businessman as an Incompetent Manager for this game.
geo-3748950: American Enterprise Institute - To file as a non-profit organization you must list that you are nonpartisan. However, ideologically, one would be hard-pressed to find
somebody at AEI who didn't identify themselves as conservative.
Dick Chaney is on their Board of Trustees - Gee wasn't he the Republican Vice President of the United States from 2000 to 2008 - but AEI is nonpartisan!!!
Kevin B. Rollins, Chairman of the Board of Trustees - For 12 years prior to joining Dell Computer, Mr. Rollins served as a Partner of Bain & Company. - Yeah I really believe that AEI is nonpartisan!!!
Now Romney is running neck and neck with Obamma and frankly I am scared. I am an ex Mormon only too aware that the 'Saints' are responsible for the largest suciide rate among young boys 14-24 due to their claim that God says homosexuality is a choice and a sin. My brother, age 14, was one of those. Mormons lie. Their beginnings are so strange they pretty much have to lie about those but they also lie about how happy and equal and loving they are. Utah uses half the anti-depressants of any other state...that would be their women. The liberal Mormons say, "Mormon women are happy no matter what they feel." And they lie about their suicides; I know my mother did. Mormon gays report that this is a standard practice.
Beyond that--every mormon by get the priesthood at age eight and they are taught that God speaks to every priesthood holder. Mitt is never wrong and never apologises; how can he? He is speaking For God. Mormon male arrogance is rampant and they believe they must save the constitution...or some of them do. I find them a scary and limiting religion and the idea of a Saint president is most troubling.
If Romney gets into the White House, then (IMNSHO) a religious war among the Mormons, conservative Protestants and conservative Catholics will be inevitable. In the meantime, there will be a monstrously oppressive theocracy.
At least Jews will be safe because we need them alive to perish in Armageddon and now we get to hate Muslims instead!
I saw a Romney ad in Virginia the other day that said Obama would raise middle class taxes and average of $4,000 per year.
Romney: Everybody gets ponies!
Observer: That's a heaping load of horsesh!t
New Romney: Flying ponies!
Observer: Even if they existed, wouldn't everybody now need to buy extra strong umbrellas?
What he's actually proposing is handing all his rich friends a stable full of dancing horses and calling the resulting stable hand demand 'job creation'. Everybody else gets to clean up after their crap.