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Old 10-12-2012, 12:38 PM
 
Location: Florida
76,975 posts, read 47,608,156 times
Reputation: 14806

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The 6 Studies Paul Ryan Cited Prove Mitt Romney's Tax Plan Is Impossible - Matthew O'Brien - The Atlantic

Paul Ryan finally had enough time to go through the math of the Romney tax plan during the vice-presidential debate. He didn't use it. Ryan filibustered instead. About the most specific he got was citing "six studies" he said vindicate the plan's mathematical plausibility.


Except they don't.


Romney's tax plan is a three-legged stool that doesn't stand. Here's how it works -- or doesn't. Romney wants to 1) cut tax rates across the board by 20 percent, 2) cut tax expenditures to pay for these tax cuts, and 3) maintain progressivity. The problem, as the Tax Policy Center pointed out, is there aren't enough tax expenditures for the rich to pay for all the tax cuts for the rich. Romney's plan only works if he cuts out the tax cuts for the rich, raises taxes on the middle class, or explodes the deficit. In other words, Romney can pick two, and only two, of his tax goals -- what Matt Yglesias of Slate calls the "Romney Trilemma".

That sound you hear is the three-legged stool falling down.

 
Old 10-12-2012, 12:40 PM
 
41,110 posts, read 25,724,715 times
Reputation: 13868
lol, I did not read it but does anyone understand the velocity of money?
 
Old 10-12-2012, 12:44 PM
 
4,684 posts, read 4,572,176 times
Reputation: 1588
Quote:
Originally Posted by petch751 View Post
the velocity of money?

A principle which applies indiscriminately to public or private expenditure.
 
Old 10-12-2012, 12:45 PM
 
Location: Florida
76,975 posts, read 47,608,156 times
Reputation: 14806
Quote:
Originally Posted by petch751 View Post
lol, I did not read it but does anyone understand the velocity of money?
Yea, lets try the same stuff again, it worked so well in 2007-08, and in 2009. It sent the velocity of money went through the roof Sigh.
 
Old 10-12-2012, 12:46 PM
 
Location: Cape Coral
5,503 posts, read 7,331,247 times
Reputation: 2250
The foolish democrats think it can't work so they then ASSume there must be middle class tax increases. Romney's plan is a 20% rate tax cut for middle income workers without changes to their deductions. The richer and richest get a 20% tax rate cut too but they do have their deductions curtailed. Growth in the economy keep the plan revenue positive and spending cuts reduce the deficit.
I don't care how many left wing organizations try to change Romney's plan. They are not running for president. Other previous democrat presidents agree with Romney.

Income Tax Cut, JFK Hopes To Spur Economy 1962/8/13 - YouTube
 
Old 10-12-2012, 01:24 PM
 
16,579 posts, read 20,701,290 times
Reputation: 26860
Quote:
The foolish democrats think it can't work so they then ASSume there must be middle class tax increases. Romney's plan is a 20% rate tax cut for middle income workers without changes to their deductions. The richer and richest get a 20% tax rate cut too but they do have their deductions curtailed. Growth in the economy keep the plan revenue positive and spending cuts reduce the deficit.
Which deductions and how much will they reduce the deficit?

...

...

...

Don't worry that you don't know, because neither Romney nor Ryan has ever explained this part of their "plan," even when asked about it point blank. Seems like as a supporter of theirs, you'd be curious.
 
Old 10-12-2012, 01:30 PM
 
Location: In a Galaxy far, far away called Germany
4,300 posts, read 4,407,463 times
Reputation: 2394
This seems to be the tactic that both the major parties have taken. They propose things and don't explain how it will happen. Last election it was Obama and his healthcare and this election it is Romney/Ryan's budget/deficit attack. Both parties have no intention of giving anyone specifics EVEN after they get elected. It's even gotten so bad that they just ram it thru avoiding discussion/debate altogether. It's time for change. A change from the corruption brought by both of our worthless parties. Vote Libertarian or vote Green - but let's do our nation a favor and NOT vote for Obama or Romney.
 
Old 10-12-2012, 01:53 PM
 
Location: Barrington
63,919 posts, read 46,717,658 times
Reputation: 20674
Quote:
Originally Posted by rikoshaprl View Post

I don't care how many left wing organizations try to change Romney's plan. They are not running for president. Other previous democrat presidents agree with Romney.


Income Tax Cut, JFK Hopes To Spur Economy 1962/8/13 - YouTube
The top tax rate for ordinary income in 1961 was about 91%.
The top tax on capital gains was 25%.
 
Old 10-12-2012, 01:58 PM
 
Location: Florida
76,975 posts, read 47,608,156 times
Reputation: 14806
Quote:
Originally Posted by Marlow View Post
Which deductions and how much will they reduce the deficit?


Don't worry that you don't know, because neither Romney nor Ryan has ever explained this part of their "plan," even when asked about it point blank. Seems like as a supporter of theirs, you'd be curious.
Romney won't say what they woudl cut, they just say it will work, ant that's it. They just say that they count on bi-partisan deals with Dems to get everything done in the future. That is horribly naivie.

The point of the thread is to point point out the six studies Ryan's kept talking about, prove their plan woiuld not work. If these guys win, the debt will grow faster than anyone can imagine.
 
Old 10-12-2012, 02:19 PM
 
Location: Northridge/Porter Ranch, Calif.
24,508 posts, read 33,300,433 times
Reputation: 7622
Quote:
Originally Posted by middle-aged mom View Post
The top tax rate for ordinary income in 1961 was about 91%.
The top tax on capital gains was 25%.
But there were numerous deductions allowed in 1961. Far more than there are allowed now.
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