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Monday, October 24, 2016

President Clinton Explains How Mitt Romney Is Planning Huge Tax Breaks For Millionaires

In the first debate in Denver, Mitt Romney protested that his tax plan would be both revenue-neutral and will also not reduce the “share” of taxes the rich pay without raising taxes on the middle class. No economic study has shown that is possible.

In this new video from the Obama campaign, former President Clinton—the “Secretary of Explaining S[tuff]”—explains how Mitt Romney will most certainly cut the amount of taxes the rich pay by using his own tax situation as an example.

The fact is, Mitt Romney is proposing a tax cut of $250,000 for people earning over $3 million a year. This is on top of the Bush tax cuts. It’s more of the exact same trickle-down economics that Clinton says “hasn’t worked.” Romney knows that, which is why he’s hiding what his plan actually does with deceptive language and by acting offended when President Obama tries to explain what it actually does.

Again, the former president is proving to be huge asset against a Republican candidate whose greatest fear is having his “stuff” explained.

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Copyright 2012 The National Memo
  • bcarreiro

    Mr Clinton tell the .5% to go back to school and learn something.

  • Second Fact Check On Spending
    The last budget of Bush spent 3510B
    Actual spent in fiscal 2012 was 3540.
    The 2013 budget projects spending at 3800B.
    That indicates that Obama will increase spending
    from 3510 to 3800 or 8.3% for four years.
    Compare to Reagan 80% and Bush 90% (1830 to 3510)
    One big problem is failure to tax to get revenue to pay our way
    thereby creating the horrid debt burden.
    In fiscal 2012 we borrowed 1100B. A shame. While corporations made record profits and richest got much richer. We have the income to pay our way.
    The revenue in fiscal 2012 was 2450B is why we rank below only Chile and Mexico as Least Taxed in OECD nations. The 2450 is 17% of our National Income.
    Runaway unfunded spending is in Medicare and Pentagon.
    We must cut the runaway spending and tax wealth more to start paying down the debt.

    • neece00

      If you have not seen “Inside Job”, you need to.

    • Ed

      As a strong supporter of our military, and a military historian I can tell you we have the strongest armed forces in the world. Of course, as we learned on 9/11 they do not actually protect the United States. They protect american business around the world. We had to create (and finance) a new cabinet department for that. But how in the hell can Americans sleep at night when the aircraft manufacturers are chargeing the taxpayers 3.2 MILLION per aircraft and the Air Force wants 330 of them?

  • Where are prison sentences? VP of JP Morgan in Florida Housing Dept wrote confessional
    how he defrauded home buyers and top mgmt knew it.

  • old_blu

    Hey! Do you know what would be a good idea? Have Clinton ask Romney questions at the debate, and have W. Bush ask the questions of Obama.

    • ralphkr

      WOW! Talk about fixing a race. The only thing better would be to have Dan Quayle questioning Obama (at least, I think Quayle is even dumber than Bush although I may be wrong because, unlike Bush, I don’t think Quayle ever went AWOL from the National Guard)

      • One of the most poignant moments in last night’s was when President Obama stated that Mitt Romney was to the right of George W. Bush since the latter never proposed replacing MEDICARE with a voucher system, gutting MEDICAID, etc. That was masterful.

      • Ed

        Quayle couldn’t figure out what all those dials in the airplane were for.

    • SaneJane

      Now that’s entertainment. This would surely finish off the GOP.

    • jarheadgene

      NOT very fair…..BUSH can’t read past a 4th grade level.

    • Ha Ha, That would have 2 of the smartest guys taking on 2 of the dumbest guys. The Rethuglicans would have no chance whatsoever. Then we could have Jay Leno moderate and fact check…but oh wait, that would be ganging up on the defenseless thugs and blatantly unfair and bullying for no real purpose.

  • Isn’t there talk about the elimination of the inheritance and capital gain tax? Sounds like Mitt wants to futher decrease his tax rate to zero.

  • nobsartist

    if willard gets his way, he will get a 1 MILLION dollar refund.

  • mikeopks

    trickle down economics, is that the same as a golden shower?

    • Ed

      YEP! Courtesy of the GOP.

    • jarheadgene

      If it becomes Trickle Down with WILLARD it would be Golden Shower with Crabs !!!!!

  • CAThinker

    Wow – there’s a tag line – “Arithmetic over illusion”… not quite as succinct as my “Do the math”, but certainly more elegant and descriptive… I like it!

  • A very smart man, Obama is learing from him, he gets my vote.

  • jarheadgene

    Maybe they can bring Bill back in as Secretary of the Treasury or Secretary of Commerce.


    We already pay 60 % in taxes—–THAT IS CRIMINAL!!!!!!

    We can not pay anymore!!!!

    Maybe we should just sit home and wait for our checks to come in the mail and get our


    Why should we work hard and pay in alllll out in taxes 60%

    • Yappy2

      Maybe when we are so quick to declare war on another country, we should go from an all volunteer military to a draft systemas long as that war lasts so that everyone, rich or poor, has some skin in that war and everyones life is disrupted.


        It doesn’t matter who fights the wars for us—-
        WHY do you have a BLUFF with the Wealthy?

        If we didn’t have the wealthy people here to help make our country run we wouldn’t have ANYTHING!!!

        Do you really think the country can run off YOUR taxes???

        Why do YOU think the rich are too good to fight a war to save our country?
        Look at Prince William and Harry!!!!!!!!!!!!

        These men and women who are fighting now have voluntarily signed up to keep our
        County safe

        BUT mainly to get a better Education that they couldn’t afford to get anywhere else!!!!!!!!!!!!

        Is that toooo hard to understand—-

        never having to fight.

        We have to fight WARS to keep them off our Home Land!!!!!!!!!!!!!

        They keep coming here and bombing our building

        Soon they will be at your back door!!!!!!!!!

        • Yappy2

          My point is all the wars that the Wealthy Republicans get us into are fought by the less fortunate in this country.Yes, the non wealthy sign up for the service in hopes they can get an education. So,they have to volunteer and risk their lives to get that chance. The wealthy can just go to college without putting their lives on the line. We wouldn’t need so much tax money if we could stay out of wars.The middle class are actually the ones that fund this country. The last time I checked Prince William and Harry are not citizens of the United State.

  • The reason his plans adds up is because he’s not going to just take deductions away, he’s also going to cut programs that support the poor, students, farmers and veterans.

  • S-3

    Someone has to tell the truth, but that starts with us normal citizens…

    Enough is Enough! Make your Goddamn voices heard on this!!

    Obama and those alongside him can’t do it themselves, even if they try and do somehow succeed – we need to be that nail in the coffin for these scumbag who say otherwise.

  • Clarkpark24

    I’d like to see someone make a critical point to the electorate.

    The 1929 stock market crash started a price slide that lasted for 13 months and ended with the market losing 48% of its value – almost half.

    The 2007 stock market crash started a price slide that lasted for 17 months and ended with the market losing 53% of its value – more than half.

    The 2007 crash was worse than 1929. Much worse when you take into account that the Hoover administration did nothing to staunch the bleeding, whereas George Bush, much to his credit, initiated TARP and took other measures to stop the slide. Then Obama came to office and put through stimulus spending and bailed out Detroit.

    Five years out from 2007, the market’s back to 96% of its 2007 peak value and unemployment is 7.8%. Five years out from 1929, the market had lost 89% of its value and unemployment was 25%.

    Mitt Romney’s position has consistently been to unleash Wall St, let the market correct itself, get tough with China on trade and, above all, not be Barack Obama. McCain hesitated to endorse TARP. I think malleable Mitt would have caved to the conservative wing and denounced it.

    If Romney had become president in 2009, he’d have reined in or killed TARP instead of expanding it and creating financial stress tests, and he certainly wouldn’t have taken the steps Obama did to jump start the economy, bailout Detroit or regulate Wall St. His policies would have been much closer to Hoover’s than Bush’s.

    Of course, the immediate cause of the Great Depression was the Republican controlled Congress passing the Smoot-Hawley Tariff Act in 1930 and starting the biggest global trade war in history. But, do you really have a problem seeing an initiative from a get-tough-on-China president being blown into something dangerous by a Tea Party leveraged Congress?

    “Are you better off now than four years ago?” is a legitimate question. But so is “If Mitt Romney was president for the last four years, would you be in a bread line now?”