The headline from Forbes says it all: If Romney Cuts Taxes For The Rich By 20%, He Will Have To Raise Taxes For The Middle Class By $1 Trillion. This is FORBES people … FORBES. And they’re being generous. I think the math is even simpler than they make it out to be … according to the Tax Policy Center – Romney’s plan will raise taxes on the middle class by $3.7 trillion HERE. But the bottom line is this … EVERYONE … conservatives and liberals alike recognize that Mitt Romney is lying about his tax plan. And yet – Americans across the country are going to vote for him simply because he has an R next to his name and he’s not the black guy.
They write HERE:
First the $5 trillion in tax cuts which reduces the income tax on the wealthy by 20%($2.5 trillion), eliminates the Alternative Minimum Tax($700 billion), repeals the high-income payroll tax($300 billion) and hands out a juicy $1 trillion tax cut for corporations. They’re like people you know. Nice clean math. Nice big figures with a lot of zeroes.
Then, comes the problem, the headache, or maybe its the head fake. No identification of a single loophole that will be closed. No concrete exposition about raising the capital gains tax on rich people. Our friends at the Democratic Party headquarters have estimated the savings for “ending all tax benefits for the wealthy” at $1.7 trillion; eliminating ALL corporate tax benefits to offset the corporate tax cut- $1.1 trillion and then another $1 trillion of middle class tax benefits to pay for the middle class cut=- another $1 trillion.
Imagine the chaos, the bitterness, the social unrest that would occur. But, then realize these measures only get back $4 trillion. There’s another $1 trillion to go.
Let’s just look at all the people and institutions who have called Mitt Romney’s plan a complete fantasy:
- Paul Krugman says Romney “is just faking” his plans HERE; in other words – Romney is just making sh-t up.
- The Salt Lake Tribune endorsed Obama over Romney saying “Romney is willing to say anything to get elected” HERE.
- A large margin of economists prefer Obama over Romney for just about everything HERE.
- The Congressional referee – the Joint Committee on Taxation says Romney’s plan is impossible HERE.
- The former McCain economic adviser and current chief economist for Moody’s says the arithmetic “doesn’t work” HERE.
- Politifact says Romney’s claim that 5 independent studies corroborate his math is “mostly false” HERE.
- A Fox “journalist” actually says “How can you not tell the people these facts” HERE.
- An independent study by the Brookings institution says Romney’s tax plan isn’t mathematically possible HERE.
- Factcheck.org says his math is impossible in Romney’s Impossible Tax Promise.
- I’ve given a very simple explanation that Romney’s plan will in fact cut taxes for the wealthiest Americans HERE.
- The Tax Policy Center says Romney’s plan is a $5 trillion tax cut which would give anyone making more than $1 million a year at least an $87k tax cut HERE.
- Bill Clinton says Romney’s tax math is impossible HERE.
- Fox’s Chris Wallace calls out the Romney campaign for their math HERE.
- The Council on Foreign Relations says “there is a $1 trillion hold in Romney’s budget math” HERE.
Who else do you need to verify this plan to understand the only possible scenario is an increase in taxes for the middle class; the math is simply impossible.
And there you have it! Straight from the asses mouth. Romney means more taxes for those who can least afford it.