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Romney’s tax plan makes no sense

Romney’s tax plan makes no sense | Common Sense Politics | Scoop.it
His tax plan makes no sense....

 

What two words best describe Mitt Romney’s tax policy promises? said Ezra Klein in Bloomberg.com. Try “mathematically impossible.” Don’t take my word for it: That’s the conclusion of the nonpartisan Tax Policy Center, which last week released its detailed analysis of Romney’s tax and budget proposals. Romney has pledged to lower all marginal tax rates by a whopping 20 percent—without adding to the deficit. Those tax cuts will reduce tax revenue by $360 billion per year, which Romney says he will make up by eliminating unspecified deductions and loopholes from the tax code. The problem? “The tax cuts Romney is offering to the rich are simply larger than the size of the deductions and loopholes that exist for the rich.” To pay for his tax cuts, Romney would have to eliminate tax breaks benefiting the middle class, such as the mortgage-income deduction and the child tax credit. In other words, “it’s ‘mathematically impossible’ for Romney’s plan to produce anything but a tax increase on the middle class.”

That’s simply not true, said Jennifer Rubin in WashingtonPost.com. Romney put a broad, conceptual plan on the table, and the Tax Policy Center makes a lot of unwarranted assumptions about how it would work. The center also fails to take into account the economic growth—and tax revenue—that would come from slashing both the personal and the corporate tax burden. Is it any surprise that a “left-wing think tank” is trying to make Romney look bad? No, especially since the study’s co-author is Adam Looney, said Daniel Halper in WeeklyStandard.com. He’s a “close ally” of Obama who sat on his council of economic advisers. This is hardly an “independent, nonpartisan” analysis.

Numbers aren’t biased, said Jonathan Chait in NYMag.com, and until recently, the Romney campaign called the Tax Policy Center “objective.” Its study actually credits Romney with an “implausibly optimistic” set of assumptions on tax reform, using his own advisers’ forecast for economic growth. Even under that “cheerful scenario,” the cruel math dictates either higher taxes for the middle class or soaring deficits. Sadly, Obama’s proposals to tackle the deficit are “almost as sketchy,” said Bloomberg.com in an editorial. His entire plan can be summed up as “soak the rich.” The most important questions facing this country are: “What size government do we want? How will we pay for it?” Instead of clear choices, the two candidates are giving voters “pie-in-the-sky promises” and “vague nostrums.”

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Common Sense Politics
Whether you are from the left or right common sense has to prevail for our government to get back to representing the people
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Dollars for Docs

Dollars for Docs | Common Sense Politics | Scoop.it
 ProPublica has compiled the disclosed payments from pharma companies to doctors and other health care providers. Search for your doctor in our interactive database.
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We don’t care about our Veterans — Medium

We don’t care about our Veterans — Medium | Common Sense Politics | Scoop.it
I was a B-52 Defensive System Operator in the Air Force. It took over 4 months and a lot of flight hours to train me to do my job. I sat…
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Why Is Carly Fiorina - a Symbol of Corporate Excesses - McCain's Favorite CEO? | Mother Jones

Why Is Carly Fiorina - a Symbol of Corporate Excesses - McCain's Favorite CEO? | Mother Jones | Common Sense Politics | Scoop.it
When John McCain wants to talk economic policy with voters—especially female voters—he sends out Carly Fiorina, a former CEO of...
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Donald Trump, presidential hopeful - FT.com

Donald Trump, presidential hopeful - FT.com | Common Sense Politics | Scoop.it
In the preface to How to Get Rich, one of Donald Trump’s self-help manuals, he reminds us there are “countless how-to-get-rich books” by millionaires. Authors with extra zeros to their name are far less common. “Billionaires with their own Manhattan
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This Is What Happens When You Cross Donald Trump | Mother Jones

This Is What Happens When You Cross Donald Trump | Mother Jones | Common Sense Politics | Scoop.it
An incomplete index of the candidate's vengeance tweets.
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Why the House of Representatives Doesn't Represent the US Public

Why the House of Representatives Doesn't Represent the US Public | Common Sense Politics | Scoop.it
It really is all about money in politics.
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Israel Spied on Iran Nuclear Talks With U.S.

Israel Spied on Iran Nuclear Talks With U.S. | Common Sense Politics | Scoop.it
Ally’s snooping upset White House because information was used to lobby Congress to try to sink a deal.
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Paul Ryan’s Most Shameless Lie Ever

Paul Ryan’s Most Shameless Lie Ever | Common Sense Politics | Scoop.it
Sheriff of Nottingham attacks Robin Hood for helping the rich at expense of the poor.
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Texas Is Becoming the Sarah Palin of States, and not in the Good MILF-y Way

Texas Is Becoming the Sarah Palin of States, and not in the Good  MILF-y Way | Common Sense Politics | Scoop.it
Yesterday was a wonderful news day for all of us, for you conservatives and for liberals like myself as well....
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Conservatives are already raising money to derail Jeb Bush's 2016 bid

Conservatives are already raising money to derail Jeb Bush's 2016 bid | Common Sense Politics | Scoop.it
Genuine effort to stop Bush—or fundraising ploy?
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40 charts that explain money in politics

40 charts that explain money in politics | Common Sense Politics | Scoop.it
Money suffuses our political system. Here’s what’s going on, in charts.
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How big a mess is Ryan's report on poverty? Scholars say: Very big.

How big a mess is Ryan's report on poverty? Scholars say: Very big. | Common Sense Politics | Scoop.it
We've already passed a critical eye over the report on the War on Poverty issued by House Budget Committee Chairman Paul Ryan (R-Wis.), specifically its inaccurate and undeserved drive-by attack on Medicaid .
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No, Not Trump, Not Ever

No, Not Trump, Not Ever | Common Sense Politics | Scoop.it
Voters deserve respect, but this year, their candidate does not.
Richard Meyer's insight:

Donald Trump is epically unprepared to be president. He has no realistic policies, no advisers, no capacity to learn. His vast narcissism makes him a closed fortress. He doesn’t know what he doesn’t know and he’s uninterested in finding out. He insults the office Abraham Lincoln once occupied by running for it with less preparation than most of us would undertake to buy a sofa.

Trump is perhaps the most dishonest person to run for high office in our lifetimes. All politicians stretch the truth, but Trump has a steady obliviousness to accuracy.

This week, the Politico reporters Daniel Lippman, Darren Samuelsohn and Isaac Arnsdorf fact-checked 4.6 hours of Trump speeches and press conferences. They found more than five dozen untrue statements, or one every five minutes.

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Carly Fiorina was a Complete Failure as CEO at HP: She is Lying About her “Success”

Carly Fiorina was a Complete Failure as CEO at HP: She is Lying About her “Success” | Common Sense Politics | Scoop.it
Carly Fiorina is the latest in a parade of corporate CEOs who believe their “success” in running a company somehow qualifies them to run the nation. In Fiorina’s case, it might help her credibility if she had actually been successful. If her record as CEO of Hewlett-Packard is any indication, we’d be better off handing...
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Tonight’s Republican Debate Is the Party’s Worst Nightmare

Tonight’s Republican Debate Is the Party’s Worst Nightmare | Common Sense Politics | Scoop.it
The circus is back in town, despite the GOP's promise to learn from the 2012 disaster.
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Fox News’ coming war on Donald Trump: The Murdoch/Trump Twitter feud which could catch fire

Fox News’ coming war on Donald Trump: The Murdoch/Trump Twitter feud which could catch fire | Common Sense Politics | Scoop.it
A Rupert Murdoch tweet and WSJ editorial suggests the Murdoch empire may be about to adjust its tone on Trump
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In the wake of scandal, Christie sees himself as a victim

In the wake of scandal, Christie sees himself as a victim | Common Sense Politics | Scoop.it
The New Jersey Republican wants news organizations to apologize to him for his own bridge scandal. That's bonkers.
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The Rise Of The Working Poor And The Non-Working Rich

The Rise Of The Working Poor And The Non-Working Rich | Common Sense Politics | Scoop.it
Consider the rise of both the working poor and the non-working rich, and the meritocratic ideal on which America's growing inequality is often justified doesn't hold up....
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Harris Interactive: Harris Polls > President Obama's Ratings Remain Stronger than in the Recent Past

Harris Interactive: Harris Polls > President Obama's Ratings Remain Stronger than in the Recent Past | Common Sense Politics | Scoop.it
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UPDATE 2-Obama plans 19 pct tax on U.S. companies' foreign earnings

UPDATE 2-Obama plans 19 pct tax on U.S. companies' foreign earnings | Common Sense Politics | Scoop.it
(Adds background on proposal, companies, comment from Ryan)By Jeff Mason and Kevin DrawbaughWASHINGTON, Feb 1 (Reuters) - President Barack Obama'sfiscal 2016 budget proposes a 19 percent tax on U.S.
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Harris Interactive: Harris Polls > Feeling of Alienation Among Americans Reaches Highest Point On Record

Harris Interactive: Harris Polls > Feeling of Alienation Among Americans Reaches Highest Point On Record | Common Sense Politics | Scoop.it
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Obama's Numbers (January 2015 Update)

Obama's Numbers (January 2015 Update) | Common Sense Politics | Scoop.it
More jobs, higher paychecks, falling fuel prices: Our latest scorecard.
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Millennials' Political Views Don't Make Any Sense

Millennials' Political Views Don't Make Any Sense | Common Sense Politics | Scoop.it
That's not a harsh assessment. It's just a fair description.
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It’s a Trap! How Paul Ryan Is Misleading You About Poverty.

It’s a Trap! How Paul Ryan Is Misleading You About Poverty. | Common Sense Politics | Scoop.it
A little kernel of truth can be a very dangerous thing. This week, the House Budget Committee, led by Republican ideas man Paul Ryan, published a 204-page report cataloging just about every conservative complaint about the federal government’s anti-poverty efforts. (Mercifully, though, no food-stamp recipients were maligned for buying seafood.)...
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