Tuesday, October 16, 2012

ROMNEY THE LIAR'S ***PATHETIC*** DEBATE LIES, PART TWO

They can be found here

ROMNEY: "I'm going to bring rates down across the board for everybody, but I'm going to limit deductions and exemptions and credits, particularly for people at the high end, because I am not going to have people at the high end pay less than they're paying now."

THE FACTS: Romney is proposing to cut all income tax rates by 20 percent, eliminate the estate tax and the alternative minimum tax, maintain and expand tax breaks for investment income, and do it all without adding to the deficit or shifting the tax burden from the wealthy to the middle class. He says he would pay for the tax cuts by reducing or eliminating tax deductions, exemptions and credits, but he can't achieve all of his goals it under the budget rules presidents must follow.


The Tax Policy Center, a Washington research group, says in a study that the tax cuts proposed by Romney would reduce federal tax revenues by about $5 trillion over 10 years. The study concludes that there aren't enough tax breaks for the wealthy to make up the lost revenue, so the proposal would either add to the deficit or shift more of the tax burden on to the middle class.


Romney's campaign cites studies by conservative academics and think tanks that say Romney's plan will spur economic growth, generating enough additional money to pay for the tax cuts without adding to the deficit or shifting the tax burden to the middle class. But Congress doesn't recognize those kinds of economic projections when it estimates the budget impact of tax proposals.


ROMNEY: "I know he keeps saying, 'You want to take Detroit bankrupt.' Well, the president took Detroit bankrupt. You took General Motors bankrupt. You took Chrysler bankrupt. So when you say that I wanted to take the auto industry bankrupt, you actually did. And I think it's important to know that that was a process that was necessary to get those companies back on their feet, so they could start hiring more people. That was precisely what I recommended and ultimately what happened."


THE FACTS: What Romney recommended did not happen, and his proposed path probably would have forced General Motors and Chrysler out of business. He opposed using government money to bail out the automakers, instead favoring privately financed bankruptcy restructuring. But the automakers were bleeding cash and were poor credit risks. The banking system was in crisis. So private loans weren't available. Without government aid, both companies probably would have gone under and their assets sold in pieces.


More to come tomorrow. (Very, very tired right now)

3 comments:

  1. http://timelines.latimes.com/second-presidential-debate/ more fact checks

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