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Mitt Romney's $5 Trillion Tax Cut Plan Explained

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#16 srbeen

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Posted 16 October 2012 - 20:04

Most informative election 2012 site ever created! thanks OP!

well Obama and friends have yet to pass a budget in 4 years. I'll take any plan over no plan...


So stating results without any method to achieve them counts as a plan now?


#17 nohone

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Posted 16 October 2012 - 20:05

Funny how Paul Ryan was asked about this twice during the VP debate and he gave a non-answer.


Yes, because he can describe the entire tax code in the two minutes he is given during debate. And with the time taken away when Biden would interrupt him, laugh like a buffon, and shout like an old man telling kids to get off his lawn, it would leave about 8 seconds.

Why don't we ask Obama or Biden to read off the entire Obamacare law in two minutes? Why can't they do it? And that law is much, much larger than the entire tax proposals that Romney has on his web site.

#18 Spartan Erik

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Posted 16 October 2012 - 20:12

No, he doesn't. It is a lie that the Obama and his campaign has been telling. A lie that was debunked by numerous sources, including CNN. A lie that one of Obama's own campaign managers has admitted is not true. But they keep telling the lie, making fake web sites, and pushing this made up "fact" to try to "prove" that Romney hates people who are not rich.

http://youtu.be/Kg0BmPhz2Dw


Politifact would like to have a word with you..

http://www.politifac...-romney-tax-pl/
http://www.politifac...sidential-race/

Also, I don't see a problem with the video about Stephanie Cutter. She admits that it's a $5 trillion dollar tax cut, and that some of it will be paid for by closing loopholes, but the problem is there aren't enough loopholes to make up for that $5 trillion, so the money has to come from somewhere.. and if Romney wants to spend an additional $2 trillion on defense, then the only things left for cutting are Medicare, Medicaid, SS, corporate welfare, and social welfare if Romney wants to stay deficit neutral.

Based on the lack of specifics from the Romney/Ryan plan, Bill Clinton is right, the math doesn't add up!

#19 illegaloperation

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Posted 16 October 2012 - 20:17



#20 shakey

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Posted 16 October 2012 - 20:17

Steven Colbert destroyed Romney's Plan with 1 question :p

http://m.dailykos.co...on?detail=email

#21 stevember

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Posted 16 October 2012 - 20:17

well Obama and friends have yet to pass a budget in 4 years. I'll take any plan over no plan...


Ummm you do realize it is Republicans that stop it every time because it unfairly 'taxes them' sorry I mean the rich!

#22 nohone

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Posted 16 October 2012 - 20:37

Politifact would like to have a word with you..

http://www.politifac...-romney-tax-pl/
http://www.politifac...sidential-race/

Also, I don't see a problem with the video about Stephanie Cutter. She admits that it's a $5 trillion dollar tax cut, and that some of it will be paid for by closing loopholes, but the problem is there aren't enough loopholes to make up for that $5 trillion, so the money has to come from somewhere.. and if Romney wants to spend an additional $2 trillion on defense, then the only things left for cutting are Medicare, Medicaid, SS, corporate welfare, and social welfare if Romney wants to stay deficit neutral.

Based on the lack of specifics from the Romney/Ryan plan, Bill Clinton is right, the math doesn't add up!


CNN has fact checked it, and it is simply not true. Cutter first said "It will be a 5 trillion dollar tab", then she said "It will not be near 5 trillion dollars." So she doesn't know what she is talking about. Then she tells CNN to prove it - why doesn't she prove it? She is the one making the claims, the burden of proof is upon her to do it. So why doesn't she, she was there on TV she had the chance to, but either couldn't be bothered or it is all a lie, like she admitted it is.

And we do know what does add up - Obama's record. His record adds up to $1+ trillion deficits year over year over year over year even after he claimed that he would cut the yearly deficit by half, and is still claiming he will do it. But that is OK, we need to make up a mythical $5 trillion over 10 years lie.

#23 threetonesun

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Posted 16 October 2012 - 20:42

And we do know what does add up - Obama's record. His record adds up to $1+ trillion deficits year over year over year over year even after he claimed that he would cut the yearly deficit by half, and is still claiming he will do it. But that is OK, we need to make up a mythical $5 trillion over 10 years lie.


You know what would fix that? Tax cuts. 20% for everybody.

#24 webeagle12

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Posted 16 October 2012 - 20:43

I got owned :(

#25 linsook

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Posted 16 October 2012 - 20:46

lol, got me.

#26 excalpius

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Posted 16 October 2012 - 20:58

Or instead of the constant trolling, you could do some research and learn the details of his plan...
None of this has been a secret, and it doesn't take a genius to figure any of this out.

http://www.mittromney.com/issues/tax


You're a low information voter if you think that page actually details one word about how anyone could possibly accomplish (financially!) the nonsense Rmoney's trying to sell you...

The rest of us are smart enough to see the lies presented before our very eyes.

#27 *RedBull*

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Posted 16 October 2012 - 20:58

well Obama and friends have yet to pass a budget in 4 years. I'll take any plan over no plan...


Well stated. (Y)

#28 zhangm

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Posted 16 October 2012 - 21:05

I managed to click the button.

It did NOTHING!

#29 Spartan Erik

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Posted 16 October 2012 - 21:09

CNN has fact checked it, and it is simply not true. Cutter first said "It will be a 5 trillion dollar tab", then she said "It will not be near 5 trillion dollars." So she doesn't know what she is talking about. Then she tells CNN to prove it - why doesn't she prove it? She is the one making the claims, the burden of proof is upon her to do it. So why doesn't she, she was there on TV she had the chance to, but either couldn't be bothered or it is all a lie, like she admitted it is.

And we do know what does add up - Obama's record. His record adds up to $1+ trillion deficits year over year over year over year even after he claimed that he would cut the yearly deficit by half, and is still claiming he will do it. But that is OK, we need to make up a mythical $5 trillion over 10 years lie.


http://abcnews.go.co...bate-in-denver/

Jon Karl’s Rating:

Obama is not accurate when he says Romney’s plan includes a $5 trillion tax cut. Romney has said his tax plan will be revenue neutral. Romney has not provided the details on how he will pay for his tax rate cut, but that does not mean the President can make the details up for him.
This claim would be Mostly Fiction.


It's not true if you take Mitt at his word, but that doesn't mean his word is true. All because Mitt says it doesn't make it so.

Amy Bingham has the facts:

Mitt Romney has said repeatedly, and said again from the debate stage tonight, that his tax plan will be revenue-neutral and will not add to the deficit. But he has yet to outline exactly how he would pay for his plan.
So far the only specifics he has offered on how to pay for his 20 percent across-the-board rate reduction and collection of other tax cutting measures is to eliminate tax “loopholes” for high income earners.
Without these specifics, an analysis by the non-partisan Tax Policy Center estimated that his tax cuts would strip $5 trillion from federal revenues over the next decade, or $456 billion per year.

Romney’s tax plan could add $5 trillion to the deficit. But that is an estimate on an incomplete tax plan. Romney insists that when his plan goes from an election-year outline to a Congress-ready proposal he will include provisions, closing tax loopholes and broadening the tax base, that will ensure it will not add to the deficit. The issue is that no one knows what those provisions are just yet. Recently he has suggested a maximum $17,000 deduction.


So the estimated cost is still in the ballpark of up to $5 trillion, less after deductions, but still not enough to be revenue neutral based on closing loopholes alone.

Once again, how is he going to pay for these tax cuts if he's not going to cut defense? Has to be Medicare, Medicaid, SS, corporate welfare, and/or social welfare.

#30 nohone

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Posted 16 October 2012 - 21:28

http://abcnews.go.co...bate-in-denver/



It's not true if you take Mitt at his word, but that doesn't mean his word is true. All because Mitt says it doesn't make it so.



So the cost is still in the ballpark of up to $5 trillion, less after deductions, but still not enough to be revenue neutral based on closing loopholes alone.

Once again, how is he going to pay for these tax cuts if he's not going to cut defense? Has to be Medicare, Medicaid, SS, corporate welfare, and/or social welfare.


Here is the thing - we keep hearing from libs that Romney doesn't have a plan. They say that Romney/Ryan cannot explain their plan. it was said in the comments here that the plan on their web site has no information in it. So how does a supposedly non-existent plan with no information add up to $5 trillion? We have Obama's own campaign flip-flopping (sorry, evolving, because Obama and his surrogates don't flip-flop, they evolve) one minute saying it is $5T, the next it will not be $5T then it is $5T on a plan that supposedly does not exist but does exist to not have much information. Who are we to believe, CNN, Politico, or Obama's campaign? I don't know which of their evolvings I am to believe.

Of course, then we have the so called "independent" Tax Policy Center, that wrote the critique of the supposedly non-existent Romney tax plan. Yes, so independent, that it was written by a former Obama WH staffer, Adam Looney, who's own bio describes himself as the senior economist for public finance and tax policy with the President's Council of Economic Advisers. But I guess Looney's independence "evolved" too.