I think one of the reasons President Obama was caught off-guard in last week's debate is that Lying Sociopath Willard was so blatantly dishonest about his own tax proposals. But careful observers continue to call BS on Willard's falsehoods, as in this post here. Check it out:
His plan really does cost $5 trillion over ten years and it’s just deeply misleading when he says it doesn't [Note: Romney flat out LIED when he said his tax plan would not cost $5 trillion] If you take the numbers from the Tax Policy Center and the Treasury (for the elimination of the estate tax), the 10 year costs break down like this:
Lower tax rates by 20 percent = $2.5 trillion
Eliminating the Alternative Minimum Tax = $700 billion
Repeal of high-income payroll tax = $300 billion
Repeal the estate tax = $150 billion
Tax cut for corporations = $1.1 trillion
The interest costs get you to $5 trillion.
Of course, Gov. Romney claims he can offset that cost with base broadening: ending tax deductions, closing loopholes, getting rid of preferences that high-income taxpayers currently tap to great effect to lower their tax bills.
But my liquidity analysis shown here still holds. Families with incomes over $200,000 receive $2.7 trillion of the various breaks noted above and only $1.7 trillion in tax benefits (not counting special treatment for investment income, which Romney has promised not to touch). That $1 trillion difference has to come from somewhere or the revenue neutrality is lost, but since “somewhere” has to by definition include the “middle class” (households earning less the $200,000), that violates a different part of his pledge.
Regardless of his claims in the debate, Romney can’t square this circle. Instead, what I fear will happen if he gets a chance to implement this idea in the current anti-tax climate is the classic tax reform trap I've written about many times. You promise lower rates paid for by a broader base, but what you end up with is just the lower rates, not the broader base. It’s a recipe for larger deficits and great after-tax inequality.
This is what happens to America EVERY TIME these right-wing fanatics and thieves get their hands on power. They shovel money into the pockets of the well-off and make everyone else pay for it. They're going to try it this time, if they win.
But we're going to stop them--together.
ARE YOU REGISTERED TO VOTE?
HAVE YOU GIVEN MONEY TO PRESIDENT OBAMA'S CAMPAIGN AND TO YOUR LOCAL DEMOCRATS?
ARE YOU WORKING ON PERSUADING DEMOCRATIC-LEANERS WHO MIGHT NOT VOTE TO GET OUT THERE AND VOTE STRAIGHT DEMOCRATIC?
Your country is calling you. Now is the time for all true patriots to answer the call.
And save America from Lying Con Artist Willard.