factcheck on romney tax cuts

[Danzig]

http://factcheck.org/2012/08/romneys...e-tax-promise/

Romney’s Impossible Tax Promise
Experts say he can't cut rates without losing revenue or favoring the wealthy.
Posted on August 3, 2012 , Corrected on August 6, 2012


Tax experts — including one who supports Romney’s plan — say the Republican presidential candidate’s promise to cut individual income tax rates without either favoring the wealthy or losing revenue isn’t mathematically possible.

That’s the conclusion of the Tax Policy Center in a report the Romney campaign attacked as “biased” (although the campaign previously praised the TPC as “objective,” when it issued a report critical of a rival’s tax plan).

And it’s also the conclusion of an expert from the pro-business Tax Foundation, who states that the Tax Policy Center analysis “correctly identified the Romney plan as a tax cut, at least in static terms, that accrues mainly to high-income earners.”

[bigrun]

Republican vice presidential candidate Paul Ryan and his wife hold stakes in family companies that indirectly benefit from oil and gas tax breaks his budget proposal would retain, his tax returns and financial disclosure statements show.

Ryan, a congressman from Wisconsin, and his wife, Janna, are part owners of four family companies in her native Oklahoma that lease land or oil, gas, mineral or timber rights.

http://www.washingtonpost.com/politi...lines_nonlocal

[Thepaindispenser]

Considering that about half the country doesn't pay federal taxes, any tax cut will favor wealthier Americans.

That report is a joke, it was co-authored by someone who works on Obama's economic team. It also fails to note any growth benefits from tax cuts.

[hi_im_god]

Originally Posted by Thepaindispenser

Considering that about half the country doesn't pay federal taxes, any tax cut will favor wealthier Americans.

That report is a joke, it was co-authored by someone who works on Obama's economic team. It also fails to note any growth benefits from tax cuts.

the report was written by two journalists who, a quick google search shows, have never worked in any capacity for any administration.

you're free to dismiss information you find inconvienint. just try not to use easily checked falsifications as the stated reason. that makes it seem as if you're to lazy to find a legitimate reason report shouldn't be taken seriously. and worse that you think everyone else is too lazy to spend 3 minutes googling.

[Danzig]

Originally Posted by bigrun

http://www.washingtonpost.com/politi...lines_nonlocal

oh, that can't be correct. no way pols would do things to benefit themselves....

[Thepaindispenser]

[quote=hi_im_god;884679]the report was written by two journalists who, a quick google search shows, have never worked in any capacity for any administration.

What are you talking about??? The TPC report was written by three people, one of whom, Andrew Looney, works for Obama's economic team. You are entitled to your own opinions but not your own facts.

[Clip-Clop]

Of course it will cut revenue, which is OK if you also cut spending. To my knowledge the loopholes have still not been identified yet and is the key to the plan...

Not that will actually happen but it that's kind of how it is written.

[jms62]

Originally Posted by Clip-Clop

Of course it will cut revenue, which is OK if you also cut spending. To my knowledge the loopholes have still not been identified yet and is the key to the plan...

Not that will actually happen but it that's kind of how it is written.

If (Loophole == Mortgage deduction)
{
CRASHRealEstateFurther();
DestroyMiddleClassFurther();
}

[Clip-Clop]

Originally Posted by jms62

If (Loophole == Mortgage deduction)
{
CRASHRealEstateFurther();
DestroyMiddleClassFurther();
}

All depends on the definition of "middle class". They need to put real numbers to the math otherwise it is nonsense. Middle class in Denver is not middle class in NYC, CT or NJ. Middle class in MS is an entirely different thing. I saw this a while ago and while broad-brush, kind of defines the issue with using simple numbers in a complex equation.

http://www.forbes.com/sites/timworst...nus-5-percent/