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Guess whose tax plan will increase yours

Guess whose tax plan will increase yours

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Kunsoo

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According to the Brookings Institution, Romney's tax plan would actually increase taxes for 95 percent of the population.

http://2012.talkingpointsmemo.com/2012/08/study-romney-plan-would-raise-taxes-on-95-of-americans.php?ref=fpnewsfeed

It would be amount to an average of $500.00 per household.

I expect there will be accusations that Brookings is left wing, etc., but we're talking about an organzation which backed many of Bush's policies, and influenced policy towards deregulation, welfare reform, etc.

Obama will be pushing the issue today. Welcome home Mitt!

Kunsoo

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And it came down. This could direct the narrative of the campaign for the next week or two.

President Obama: "But here's the thing –- he's not asking you to contribute more to pay down the deficit, or to invest in our kids' education. He's asking you to pay more so that people like him can get a tax cut."

w
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http://en.wikipedia.org/wiki/Brookings_Institution#Political_stance

n

The Catbird's Seat

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Originally posted by Kunsoo
And it came down. This could direct the narrative of the campaign for the next week or two.

President Obama: "But here's the thing –- he's not asking you to contribute more to pay down the deficit, or to invest in our kids' education. He's asking you to pay more so that people like him can get a tax cut."
As far as I can see, neither candidate is proposing a tax cut for anyone. Neither is either of them proposing a tax increase of any significance.

n

The Catbird's Seat

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Originally posted by Kunsoo
And it came down. This could direct the narrative of the campaign for the next week or two.

President Obama: "But here's the thing –- he's not asking you to contribute more to pay down the deficit, or to invest in our kids' education. He's asking you to pay more so that people like him can get a tax cut."
"pay down the deficit, or to invest in our kids' education."

This makes me cringe every time I hear it. We spend more and more on "our kid's education" and get less and less in return.

The deficit is never "paid down", nor can it be because a deficit is just a budgetary estimate of overspending. It isn't real. What is real is the debt that continued deficit spending creates, and that can and must be paid down. If it isn't at some point the interest on the debt will equal or exceed all revenues, and leave nothing for social programs, defence or anything else.

Kunsoo

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Originally posted by normbenign
"pay down the deficit, or to invest in our kids' education."

This makes me cringe every time I hear it. We spend more and more on "our kid's education" and get less and less in return.

The deficit is never "paid down", nor can it be because a deficit is just a budgetary estimate of overspending. It isn't real. What is real is the debt that contin ...[text shortened]... exceed all revenues, and leave nothing for social programs, defence or anything else.
Actually, we really don't get less in return where we spend money. New York is a great example of that. Where we're failing is where we pass laws which prohibit raising revenues for schools, as in California where Proposition 13 pulled us from the top five educational systems to the lower ten in terms of performance - in less than a decade.

Kunsoo

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Originally posted by normbenign
As far as I can see, neither candidate is proposing a tax cut for anyone. Neither is either of them proposing a tax increase of any significance.
If that's as far as you can see then you're blind as a bat. Both candidates are proposing tax cuts.

K

Germany

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My guess is that if Romney does become president, nothing much will change in terms of taxation, because most cuts in public spending (you know, the ones that actually reduce government services) would be highly unpopular and there simply would be no money for significant tax reductions.

no1marauder
Naturally Right

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Originally posted by KazetNagorra
My guess is that if Romney does become president, nothing much will change in terms of taxation, because most cuts in public spending (you know, the ones that actually reduce government services) would be highly unpopular and there simply would be no money for significant tax reductions.
If Romney gets elected, there will be large tax cuts. Period.

K

Germany

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Originally posted by no1marauder
If Romney gets elected, there will be large tax cuts. Period.
How would he pay for them? Reagan had a small deficit and could simply borrow money to pay for his tax cuts, same for GWB. Romney does not have that option.

AThousandYoung
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Originally posted by KazetNagorra
How would he pay for them? Reagan had a small deficit and could simply borrow money to pay for his tax cuts, same for GWB. Romney does not have that option.
End Medicare, Medicaid, food "stamps", MediCal, homeless shelters, federal money to public schools, etc. AKA "entitlements"

K

Germany

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Originally posted by AThousandYoung
End Medicare, Medicaid, food "stamps", Medical, homeless shelters, federal money to public schools, etc. AKA "entitlements"
Would he dare?

no1marauder
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Originally posted by KazetNagorra
How would he pay for them? Reagan had a small deficit and could simply borrow money to pay for his tax cuts, same for GWB. Romney does not have that option.
He won't pay for them. Right wing ideology insists that tax cuts pay for themselves in increased revenue. So the Republicans will try that experiment AGAIN.

Anyway, so far there seems to be plenty of rich folks who will let the US government borrow money. It's not like they have anything better to do with it.

AThousandYoung
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Originally posted by KazetNagorra
Would he dare?
What would be the consequence for him if he did?

no1marauder
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Originally posted by AThousandYoung
End Medicare, Medicaid, food "stamps", MediCal, homeless shelters, federal money to public schools, etc. AKA "entitlements"
Well, they'll be cuts, but they won't come anywhere near ending those programs or equaling the revenue lost from 20 percent across the board tax cuts.

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