President Obama’s $5 Trillion Falsehood - Mitt Romney Press Release

Mitt Romney ^ | 5 October, 2012 - 10:23 | Mitt Romney Press

[justlittleoleme]

President Obama Has Repeatedly Made The False Claim That Mitt Romney Is Proposing A $5 Trillion Tax Cut: President Obama: “Governor Romney's Central Economic Plan Calls For A $5 Trillion Tax Cut…” OBAMA: “And this is where there's a difference because Governor Romney's central economic plan calls for a $5 trillion tax cut, on top of the extension of the Bush tax cuts, so that's another $2 trillion, and $2 trillion in additional military spending that the military hasn't asked for. That's $8 trillion.” (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12) But Independent Fact Checkers – And Even President Obama’s Own Campaign – Have Noted That The $5 Trillion Attack Is Not True:

Obama Deputy Campaign Manager Stephanie Cutter: “Okay, Stipulated, It Won’t Be Near $5 Trillion…” BURNETT: “Right. So you're saying if you lower them by 20% you get a $5 trillion tab, right?” CUTTER: “It's a $5 trillion tab.” BURNETT: “But then when you close deductions it’s not going to be anywhere near $5 trillion. That's our analysis.” CUTTER: “Well, okay, stipulated, it won't be near $5 trillion, but it's also not going to be the sum of $5 trillion in the loopholes that he's going to close.” (CNN, 10/4/12)

FactCheck.org: “Obama Accused Romney Of Proposing A $5 Trillion Tax Cut. Not True.” “Obama accused Romney of proposing a $5 trillion tax cut. Not true. Romney proposes to offset his rate cuts and promises he won’t add to the deficit.” (Brooks Jackson, “Dubious Denver Debate Declarations.” FactCheck.org, 10/4/12)

[BitWielder1]

Why is it wrong to lower taxes?
Lower taxes and LESS GOVERNMENT SPENDING is exactly what this country needs.

[xzins]

As I understand it, it’s a 20% reduction that’s been proposed by Romney.

US income is roughly 2.5 trillion dollars. So, there’s no way a tax cut could cut 5 trillion dollars. They only make 2 and a half trillion to begin with.

[Izzy Dunne]

a $5 trillion tax cut, on top of the extension of the Bush tax cuts, so that's another $2 trillion, and $2 trillion in additional military spending that the military hasn't asked for. That's $8 trillion.

Anybody who adds 5 and 2 and 2 and comes up with 8 is not firing on all cylinders.

[MrB]

Someone needs to bust the myth of

federal tax rate change = federal tax receipts change

[xzins]

I agree. Giving John Doe more money to run his business equals more workers, more purchases, and those equal more spending and more taxes.

[diamond6]

“Why is it wrong to lower taxes?
Lower taxes and LESS GOVERNMENT SPENDING is exactly what this country needs.”

True. And Obama is an absolute moron for claiming this lie repeatedly in the debate. Not only did he step in it and Romney convincingly make Obama look like a liar, but the Mighty O has the Shiite hit the Fan, because what’s worse than a massive tax cut that adds to the debt is a massive tax INCREASE to small businesses.

Congrats, Messiah! This is another fine mess you’ve gotten yourself into, while your running mate promises you’ll RAISE taxes by $1 trillion!

[geologist]

Time is the basis for/ to achieve the full reduction amount. If the Bush tax cuts are extended it will likely be or 3 years or 5 years, etc. Some set time period, and it would indeed make a possible difference of 5 Trillion dollars in 5 years. It is imperative to know what the time period is for any additions or tax cuts.

[diamond6]

Knowing Obama that is one of the reasons for that number. He counts as a “cut” the taxes that the “rich” are supposed to increase in January without extending the current tax rate.

He does this same dishonest maneuver in reverse by claiming that he’s cutting $4 trillon off the budget by using numbers that are already off the books.

[xzins]

And the definition of 20%. Romney said it would be a 20% tax cut for the middle class.

Obviously, since it’s a graduated scale and there’s upper, middle, and lower middle incomes, 20% on a graduated tax scale that has 15 - 25 percent brackets as middle class means that we’re talking dropping the 15 to about 12 and the 25 down to about 20.

[publius911]

The new Meme...
It's Simple Math!!!

Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha!

Ebonics Math!

Just for the Record... The KKK didn't invent Ebonics...

[trisham]

"Well, for 18 months he's been running on this tax plan. And now, five weeks before the election, he's saying that his big, bold idea is "never mind."

And the fact is that if you are lowering the rates the way you describe, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class.

It's - it's math. It's arithmetic. ”

~Barack Obama, September 3, 2012

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[publius911]

It is imperative to know what the time period is for any additions or tax cuts.

It's crystal clear, dammit!
Omugabe has told us repeatedly and constantly...

Massive Tax increases immediately for EVERYBODY.

Modest deficit reductions in ten years!

...when Omugabe is retired under a palm tree in Hawaii... if he's lucky.

[bankwalker]

Someone needs to bust the myth of federal tax rate change = federal tax receipts change

Someone is all of us. Here is a way to do it, one mind at a time:

see post #5 here

[Dead Corpse]

Cut the FedGov to about 10% of it's current size, expenditures, and power...

You could cut taxes until you wear out your scissors.

[JaguarXKE]

Ebonics Math.

2 an 2 be 5

[spacewarp]

I caught that too, and thought that might explain why we’re so far in debt and he can’t figure out why. He can’t add.

[TXnMA]

"Anybody who adds 5 and 2 and 2 and comes up with 8 is not firing on all cylinders."

I noticed that too -- in real time. But Øbozo gave the answer later:

"It's just arithmetic..."

[Bob]

Someone needs to bust the myth of

federal tax rate change = federal tax receipts change

While it's not entirely a myth, it's also not a simple one-to-one linear relationship. Tax rate changes do affect tax revenues.

At lower tax rates, a rate increase can increase tax revenue, but only up to a point. Above that point, a rate increase will definitely decrease tax revenue. Reagan (and Kennedy before him) demonstrated the first half of that relationship. Obama is bound and determined to implement the latter half.