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DumpsterFire 
Arkansas Fan
Member since Sep 2012
586 posts
| Romney's Tax Plan (Posted on 10/7/12 at 10:39 pm)
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 
Oregon Fan
Metairie
Member since Jun 2005
11240 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:41 pm to DumpsterFire)
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
15492 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:41 pm to DumpsterFire)
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
OK
Member since Jul 2012
1244 posts
 Online
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:43 pm to DumpsterFire)
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 (Posted on 10/7/12 at 10:46 pm to DumpsterFire)
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
1134 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:47 pm to Eighteen)
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 
North Carolina Fan
Member since Oct 2012
5134 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:47 pm to Eighteen)
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
2147 posts
Online
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:48 pm to DumpsterFire)
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
1134 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:48 pm to JohnnyKilroy)
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
Philly
Member since Apr 2010
33584 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:49 pm to DA)
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
8563 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:51 pm to DumpsterFire)
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
15492 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:51 pm to DA)
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
1134 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:52 pm to DA)
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
3603 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:53 pm to mmcgrath)
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
My opinions are my own
Member since Dec 2007
37642 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:54 pm to DA)
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
North Carolina Fan
Member since Oct 2012
5134 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 10:55 pm to lsu13lsu)
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
North Carolina Fan
Member since Oct 2012
5134 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 11:00 pm to RTR America)
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
8563 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 11:00 pm to DA)
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
419 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 11:02 pm to DumpsterFire)
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
North Carolina Fan
Member since Oct 2012
5134 posts
| re: Romney's Tax Plan (Posted on 10/7/12 at 11:05 pm to Interception)
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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