By Jason Sattler

Mitt Romney Isn’t Proposing A $5 Trillion Tax Break – It’s A $10 Trillion Tax Break

October 5, 2012 2:40 pm Category: Memo Pad, Politics 7 Comments A+ / A-
Mitt Romney Isn’t Proposing A $5 Trillion Tax Break – It’s A $10 Trillion Tax Break

Part of Mitt Romney’s strategy in the first debate Wednesday night in Denver was to play fact-checker with false facts — also known as “lies.”

After the president said that he was proposing a $5 trillion tax break, Romney responded, “I don’t have a $5 trillion cut. I don’t have a tax cut of the scale that you’re talking about.”

He was partially correct. He isn’t proposing a $5 trillion tax break — his tax cut proposals equal more than $10 trillion over the next 10 years, according to Citizens for Tax Justice.

Romney’s new tax breaks would cost about $500 billion a year. This is on top of extending the Bush tax breaks, which would cost just over $5 trillion.

The president probably didn’t point out the full cost of the Bush tax breaks because he proposes to keep the tax breaks for the middle class at a cost of about $4 trillion. But these taxes have always been temporary and are supposed to expire. Romney is proposing making them permanent along with more cuts for a total of $10 trillion in tax breaks, as we are in the middle of a so-called debt crisis.

Romney also claimed that he is not proposing new tax breaks for the rich. “…I’m not going to reduce the share of taxes paid by high-income people. High-income people are doing just fine in this economy,” he said. “They’ll do fine whether you’re president or I am.”

Notice the key word there? “Share.”

Romney simply cannot claim that he isn’t going to reduce taxes for the richest Americans — he’s just promising that his cuts won’t benefit the rich disproportionally, just as George W. Bush falsely did in 2000.

In addition to the Bush tax breaks he promises to continue, Governor Romney wants to cut the estate tax, which only the richest Americans pay, to zero. His tax breaks will almost certainly cut the taxes the richest pay — despite his promises to remove reductions.

“An analysis by Citizens for Tax Justice found that even if millionaires were forced to give up all the tax expenditures that Romney has put on the table, his tax plan would still give a tax break of at least $250,000 on average for individuals making over $1 million,” the organization wrote in its “Debate Debrief.” “That is, he simply cannot back up his assertion that he is ‘not going to reduce the share of taxes paid by high- income people.’ And if he really is going to make up the revenues we’ll lose to his rate cuts, taxes would have to go up for other taxpayers.”

Romney has gone out his way to hide the specifics of his tax plan and is carefully hedging his words to make specious claims.

But let’s be clear about the facts. Mitt Romney is proposing a $10 trillion tax break. And he is clearly promising to cut the amount of taxes the richest Americans pay.

The fact that he has to do everything he can to hide this proves what a failure right-wing trickle-down economics have been.

Photo credit: AP/Chris O’Meara

Mitt Romney Isn’t Proposing A $5 Trillion Tax Break – It’s A $10 Trillion Tax Break Reviewed by on . Part of Mitt Romney’s strategy in the first debate Wednesday night in Denver was to play fact-checker with false facts -- also known as "lies." After the presid Part of Mitt Romney’s strategy in the first debate Wednesday night in Denver was to play fact-checker with false facts -- also known as "lies." After the presid Rating:

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Comments

  • http://pulse.yahoo.com/_B6RROC4IUESHT322QS5VJVPYRM Lynda

    The trust of the innocent is the liar’s most useful tool. Has this man made any comment besides his 47 minute disaster that was the truth?

    • bcarreiro

      it takes an average american 10-20 yrs to earn a half million while it only takes one tax loophole of unearned income just by placing a ck in the box. remember unearned income….it for the kids???

  • BDC_57

    the only people that beleive in him are very stupid poeple. that’s why we are the mess we are.

    • daniel bostdorf

      Ignorance for Romney is bliss..

      The actual wording comes from Thomas Gray’s poem, “Ode on a Distant Prospect of Eton College” (1742): “Where ignorance is bliss, ’tis folly to be wise.”

      A little knowledge is a dangerous thing: This maxim, originally a line from Alexander Pope’s An Essay on Criticism (1709), has been repeated with slight variations ever since. It is still heard, although less frequently, and sometimes shortened, as in the example.

      A little Learning is a dang’rous Thing; Drink deep, or taste not the Pierian Spring.
      [1711 Pope Essay on Criticism l. 215]

      For shallow draughts intoxicate the brain
      And drinking largely sobers us again.
      Fired at first sight with what the Muse imparts,
      In fearless youth we tempt the heights of arts,
      While from the bounded level of our mind,
      Short views we take, nor see the lengths behind;
      But more advanced, behold with strange surprise
      New distant scenes of endless science rise!

      Note that the poem says “Drink deep, or taste not the Pierian Spring.” This excerpt makes the quote the opposite of ‘ignorance is bliss.’ It means that learning little is a dangerous thing, and that you should learn a lot so too drink from the Pierian Spring, which is either defined as a spring in Macedonia, sacred to the Muses, or as a source of inspiration.

      Romney’s thoughts are embarassing

    • Soapm

      Well, in their defense, Obama is black so that doesn’t leave them many choices in this election. :(

  • Monab

    it’s sad to see that media and many people can be so easily taken in by a well presented lie. To trust is a good thing but to trust a person who tells so many untruths is just being gullible.

  • https://twitter.com/#!/MiddleAmericaMS MiddleAmericaMS

    The GOP plan is to baffle low info Independent voters with bullshit, since those types of voters don’t do their homework, so don’t know when they’re lying.
    :(

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