Romney's Tax Plan | TigerDroppings.com

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DumpsterFire
Arkansas Fan
Member since Sep 2012
983 posts

Romney's Tax Plan


I keep hearing about how this will cost $5 trillion, but Romney says it will be payed for by closing loopholes. Am I missing something here? Can someone please explain what each side's point is because both sides say the other one is lying?






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TheBob
New Orleans Saints Fan
Metairie
Member since Jun 2005
12480 posts

re: Romney's Tax Plan


quote:

Can someone please explain what each side's point is because both sides say the other one is lying?


They are both lying. Choose Romney because he's less full of shite.






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Eighteen
LSU Fan
Member since Dec 2006
16496 posts

re: Romney's Tax Plan


Essentially Romney will close the loopholes and deductions, but you have to use different standards and assumptions to get it to reach 5 trillion

basically both sides are stretching the truth...Romney is not outright lying, but he's also not completely honest at the same time because his plan hasn't been fully released







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ClydeFrog
Oklahoma Fan
Kansas
Member since Jul 2012
2989 posts

re: Romney's Tax Plan


By Obama's measure, continuing all the Bush tax cuts will see the US lose money. Obama would like to end these cuts for the more well off which he chalks up to paying down the debt. In reality, Obama would continue to ramp up government spending beyond our current income while Romney would look to cut unnecessary programs.

In the budget war it is generally safer to choose the more conservative option.

ETA Romney shouldn't be the one questioned here because Obama got incredible passes for his lofty claims during his first campaign.



This post was edited on 10/7 at 10:44 pm


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DA
LSU Fan
Member since Sep 2007
16251 posts

re: Romney's Tax Plan


It depends if you believe in "trickle down," or not.

Do you?

Besides, Romney is all over the map. He has no plan, he refuses to give details.







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lsu13lsu
LSU Fan
Member since Jan 2008
1904 posts

re: Romney's Tax Plan


quote:

his plan hasn't been fully released


His plan has not been released because the details need to be negotiated with Congress. There are many ways to get to the answer and many things can be negotiated. With Romney much is on the table to get to the right answer. With Obama it is only the rich.






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JohnnyKilroy
New Orleans Pelicans Fan
Member since Oct 2012
8375 posts

re: Romney's Tax Plan


Romney's plan is also banking on the economy growing. It could work if the economy grows at an average pace (~3%), but that is much faster than it has been the last few years.







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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
4381 posts

re: Romney's Tax Plan


quote:

I keep hearing about how this will cost $5 trillion, but Romney says it will be payed for by closing loopholes. Am I missing something here? Can someone please explain what each side's point is because both sides say the other one is lying?


I suspect that the number isn't $5 trillion because Romney is expecting the Bush tax cuts to expire before he makes his near 20% cut. That would make the number $4T before any loopholes are closed. Kinduv a lie to his own party IMO.

(BTW, I detest using number that are over 10 years or more. That will make any number look big. But all of the parties do it so what can you do? )






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lsu13lsu
LSU Fan
Member since Jan 2008
1904 posts

re: Romney's Tax Plan


quote:

Romney's plan is also banking on the economy growing. It could work if the economy grows at an average pace (~3%), but that is much faster than it has been the last few years.


Many think it can grow a little faster with Romney, fwiw. Romney's plan wants to create real jobs. Not fictitious Solyndra type ones.






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TN Bhoy
USA Fan
Sketty, Wales
Member since Apr 2010
41795 posts

re: Romney's Tax Plan


quote:

Besides, Romney is all over the map. He has no plan, he refuses to give details.



Hope and Change are amazingly specific plans.






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Interception
Providence Fan
Member since Nov 2008
11089 posts

re: Romney's Tax Plan


Romney's math doesn't make sense to me? He wants to cut the top rates to 28% and his comprehensive tax plan is estimated to cost 5 trillion but its revenue neutral according to Romney?

I believe he thinks that enough economic growth could make it neutral but Im skeptical. Maybe someone else can chime in and make better sense of the Romney tax policy.






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Eighteen
LSU Fan
Member since Dec 2006
16496 posts

re: Romney's Tax Plan


the point is its all political bullshite

both sides have supporters just pointing and going "LIAR!" and "NO HE'S NOT!!" instead of actually discussing it

Romney isn't lying, and some have showed that his plan could work given the right situation...but all you hear from the Dems all week is "LIES!" LIES!"

but Romney is also throwing out a lofty number without a solid, 100% plan to prove it

it's dumb and is why no real discussions can ever take place...but folks like DA won't give off their high horse to see that



This post was edited on 10/7 at 10:52 pm


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lsu13lsu
LSU Fan
Member since Jan 2008
1904 posts

re: Romney's Tax Plan


quote:

He has no plan, he refuses to give details.


You guys are so scared. Romney will cut spending. He will close loopholes and he will cut deductions. You libs know what this means. You will have to pay for your own progressive religious beliefs and cannot depend on the government as much anymore. You know Obama is all talk and the status quo is so much more comfy.



This post was edited on 10/7 at 10:53 pm


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RTR America
Alabama Fan
Memphis, TN
Member since Aug 2012
21332 posts
 Online 

re: Romney's Tax Plan


Obama is attacking Romney on a report he received from the Tax Policy center, who then the next day after the debate said Romneys plan would work under different assumptions. These assumptions include growth of the economy and more people entering the job force, which leads to more people paying taxes. It all depends on how you look at it. People seem to quickly forget how much revenue the government received from the bush tax cuts. I think they set a record in 2007 the wars just offset these numbers.

Increasing taxes on the rich will barely put a dent in the deficit.






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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
41390 posts
 Online 

re: Romney's Tax Plan


quote:

Besides, Romney is all over the map. He has no plan, he refuses to give details.


Obama gave lots of "details" in 2008






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JohnnyKilroy
New Orleans Pelicans Fan
Member since Oct 2012
8375 posts

re: Romney's Tax Plan


quote:

Many think it can grow a little faster with Romney, fwiw. Romney's plan wants to create real jobs. Not fictitious Solyndra type ones.


Oh I certainly believe we will experience faster GDP growth under Romney vs Obama.







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JohnnyKilroy
New Orleans Pelicans Fan
Member since Oct 2012
8375 posts

re: Romney's Tax Plan


quote:

People seem to quickly forget how much revenue the government received from the bush tax cuts. I think they set a record in 2007 the wars just offset these numbers.


The bush tax cuts were a huge success. They did everything they were supposed to do. Lower rates and increased revenue. They were jus offset by bush's spending policies coupled with 2 wars.

Romney's plan looks similar. Lets just hope he actually reduces spending and doesn't get us into a war with Iran.



This post was edited on 10/7 at 11:01 pm


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Interception
Providence Fan
Member since Nov 2008
11089 posts

re: Romney's Tax Plan


quote:

It depends if you believe in "trickle down," or not.

Do you?

Besides, Romney is all over the map. He has no plan, he refuses to give details.



He has given enough detail for me to be suspicious of his plan. The CBO says the Romney plan can’t add up under congressional budget-scoring rules that don’t let him assume that economic growth will generate higher tax revenue.






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Geauxst
LSU Fan
Gonzales, LA
Member since Nov 2003
446 posts

re: Romney's Tax Plan


quote:

...At the center of the dispute between Romney and Obama is a study by the Tax Policy Center (TPC), a project of the liberal Brookings Institution and the Urban Institute. The study claims Romney cannot cut tax rates by 20 percent across the board without adding to the deficit or raising taxes on the middle class. According to TPC, even if all deductions and exclusions were eliminated for Americans making more than $200,000 per year, there would still be an $86 billion hole in Romney’s tax plan in the year 2015.

But there are three big flaws in the TPC study. First, as Alex Brill of the American Enterprise Institute has pointed out, it assumes tax reform must pay for repealing Obama-care’s tax hikes—totaling $29 billion in 2015—rather than assuming that repeal of Obamacare’s spending pays for repeal of Obamacare’s tax hikes. Second, it wrongly assumes that $45 billion of annual tax expenditures on interest on state and local bonds and life insurance are off the table. Third, and most important, it assumes pro-growth tax policy can’t actually produce economic growth. According to one model created by Harvard economists Greg Mankiw and Matthew Weinzierl, Romney’s tax plan could annually produce an extra $53 billion in growth. Correct for these three erroneous assumptions, and Romney’s plan can yield $127 billion to fill an $86 billion hole....


Article by John McCormack






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JohnnyKilroy
New Orleans Pelicans Fan
Member since Oct 2012
8375 posts

re: Romney's Tax Plan


I just think that's a shitty assumption.

I'm sure obama's plan looks great when you assume that the economy won't slow down no matter how much you increase taxes.







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