When I saw the story from the Tax Policy Center, a non-partisan wing of the liberal Urban Institute and Brookings institute, declaring that Romney’s tax plan would raise taxes on the poor and middle class in order to give a tax cut to the rich, I knew it wouldn’t be long before Obama was campaigning on it. The Obama administration has determined that the claims they make in their advertising doesn’t have to be true, it just has to be citable.
What the Tax Policy Center did was made up half of Romney’s plan. In case you were wondering, they made up the half where Romney raises taxes on the poor and middle class to pay for tax cuts for the rich. They started with the assumption that the Romney economy would be as terrible as the Obama economy. Then they took only the proposed rate cut for the rich in Romney’s plan, minus potential elimination of certain deductions for the rich, and figured what it would take to balance the budget with our current low GDP and high unemployment. They turned that remaining dollar amount into a tax hike on the poor and middle class. Nevermind it is a false premise based on wrong numbers assuming parts of Romney’s plan that he has explicitly said are the opposite of what he intends to do.
And that’s all Obama needed to start running on Romney’s tax hikes for the poor to pay for tax cuts for the rich.
So I thought I would run my own numbers. Obama has promised to cut the deficit by $3.2 trillion over the next ten years. Please, stop laughing. No, really, this gets better. Do I have you back yet? The problem is that eliminating the Bush tax cuts for the top two brackets will only raise $848 billion over the next ten years. Follow? So nevermind balancing the budget. If Obama wants to cut the deficit by $3.2 trillion and only increase taxes on the rich by $848 billion, that means that Obama is going to raise taxes on the poor and middle class by $2.4 trillion dollars. Think about it. You know Obama isn’t going to cut spending. So where is the rest of the money coming from?
Let me repeat that. President Barack Obama’s tax plan will increase taxes by $2.4 trillion dollars on the poor and middle class. On average, that is a $26,000 tax increase on every family in America that makes less than $250,000 over ten years, or $2,600 a year.
So there is your clear choice from the non-partisan Whitehouse12.com. Romney might be raising taxes on every middle class family by $2,000 to give a tax cut to the rich, but by the same reasoning Obama is raising taxes by $2,600 for every family that makes less than $250,000 a year so that he can give tax cuts, stimulus funds, and handouts to unions, supporters like the owners of Solyndra, abortion overseas, and his friends. Does that sound like a good economic plan? Pay $2,600 more in taxes so Obama can fund his friends?
The difference between Romney and Obama is that Romney isn’t going to use this article in a campaign commercial.
Filed under: Mitt Romney, President Obama | Tagged: barack, breakout, brookings institute, henry blodget, mitt, obama, obama lies, obama taxing the poor, obama taxing the rich, Romney, tax, tax policy center, tax the poor, tax the rich, taxes, urban institute, yahoo finance |