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TomCADem

TomCADem's Journal
TomCADem's Journal
October 13, 2012

GOP tax plan would have minimal reduction on federal tax rates, analysis says

Source: Washington Post

Wiping out itemized deductions and raising taxes on investment income would generate only enough cash to pay for a minuscule reduction in federal tax rates, according to an official analysis, raising new questions about the workability of Republican-style tax reform.

In a report released Friday, the nonpartisan Joint Committee on Taxation, the official scorekeeper for tax policy, concluded that such changes would pay for a 4 percent reduction in tax rates next year — far short of the 20 percent reduction sought by Republican presidential candidate Mitt Romney.

Even with the total elimination of some of the biggest breaks in the tax code — including popular deductions for mortgage interest, charitable contributions and state and local taxes — the JCT found that the top rate could be pushed down from the scheduled 39.6 percent next year only to 38 percent, while the rate for the lowest tax bracket would fall from 15 percent to 14.4 percent.

Democrats immediately seized on the report as further evidence that the tax plans advocated by Romney and other Republicans cannot significantly reduce rates without increasing budget deficits.


Read more: http://www.washingtonpost.com/business/economy/gop-tax-plan-would-have-minimal-reduction-on-federal-tax-rates-analysis-says/2012/10/12/75ef8c9c-14ab-11e2-ba83-a7a396e6b2a7_story.html



While the pundits try to ignore the substance, we have to push the fact that Democrats are right on the facts and the substance. The pundits celebrate Romney's lies as "good politics" and "moving to the center." We need to push back hard and say that these evasions are dishonest and will blow up the deficit and put needed benefits at risk.

Democrats needs to hammer the fact that when Romney cuts taxes by 20 percent across the board, he will either have to raise taxes on the middle class by gutting deductions that help them like the health insurance benefit exemption, cutting benefits like Medicare, or letting the deficit explode. We can't let this happen. Again.
October 13, 2012

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

Ever wonder about those six magical studies that Romney and Ryan are referring to? Well, here they are discussed and they actually show that Romney's Taxplan is impossible.

http://www.theatlantic.com/business/archive/2012/10/the-6-studies-paul-ryan-cited-prove-mitt-romneys-tax-plan-is-impossible/263541/

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.

All this hasn't stopped a fight against the tyranny of arithmetic. The defenses of the Romney tax plan generally fall into three broad categories. The first assumes the plan will set off magic growth of the monster variety; the second assumes Romney defines "middle-class" differently than he does; and the third assumes Romney would eliminate tax expenditures he has indicated he would not eliminate. Let's briefly consider the six such "studies" that Ryan cited -- most are actually blog posts -- in turn.
October 13, 2012

Coincidence? The Romney "Bounce" Coincides With Massive One Week Ad Buys By Pro-Romney Groups

The mainstream media has been pushing the narrative that Romney's rise in the polls was powered entirely by his debate performance last week. Yet, as Nate Silver noted, rather than leveling off, the Romney's momentum has kind of picked up toward the end of this week even as time passed and Romney became enmeshed in his rapid fire abortion flip flops. Why? Is due to the magical momentum of his debate performance?

I think it could be due to the Republicans' recent shock and awe purchase of anti-Obama ads over the last week or so. Remember the stories about Romney and some SuperPACs hoarding huge piles of cash while President Obama steadily ran ads against Romney? Well, I guess we are seeing the results of the Republicans' gamble. They kept their powder dry and are now unleashing all of their corporate funded attacks on President Obama over the past few weeks.

The mainstream is generally disregarding this sudden burst of anti-Obama ads and is, instead, attributing Romney's movement entirely to his debate performance notwithstanding the fact that historically, debates do not really move the needle all that much. Worse, even Democrats have bought into the narrative that the movement has been due entirely to the debate.

The fact of the matter is that the pro-Romney forces are now flushing all their money into ads in the last few weeks as noted by this recent WaPo story. This means that the fight will get harder, not easier, and we should not simply wait for things to get better. So, don't buy the mainstream media narrative that Romney's movement in the polls is due to his magical, lying performance during the debate. The Pro-Romney forces are trying to buy the election right in front of your eyes.

http://www.washingtonpost.com/politics/decision2012/romney-tries-to-bury-obama-in-ads/2012/10/12/b7712fdc-13c9-11e2-ba83-a7a396e6b2a7_story.html

Republican nominee Mitt Romney and his allies are banking heavily on a high-risk, high-reward media strategy in the final weeks of the campaign, hoping that burying President Obama in ads will give them a crucial edge on Election Day.
Ad purchases in the presidential race doubled or in some cases tripled last week in swing states such as Colorado, Florida, Iowa and Virginia, tracking data show. The surge is being driven by Romney and well-funded allies, who decided against running more ads earlier in the campaign in favor of a big bang at the end.

Restore Our Future, a super PAC dedicated to helping Romney, has booked $14 million worth of ads in nine states for the final week of October — more than it spent on ads during the month of September. The group is also ramping up its spending, airing a mix of ads criticizing Obama and extolling Romney in Florida, Iowa, Michigan, Ohio and Virginia.

* * *
The ramped-up advertising by Republicans left Obama behind his GOP foes in total ad expenditures last week for the first time since the summer, though he has massive cash reserves after raising $181 million in September. Obama and his key outside ally, the Priorities USA Action super PAC, have kept up a steady barrage ads attacking Romney in Ohio and other battlegrounds.


October 11, 2012

IMHO - President Obama Should Attack Romney's Secret Plan To Raise Taxes By $6 Trillion

I think that the President Obama's campaign should attack Romney's lies by accepting what little we know about Romney's signature economic proposal as true:

1. Romney wants to cut tax rates across the board by 20 percent, which costs about $6 trillion dollars, which does not even include Romney's proposal to increase defense spending.

2. Romney also promises that his tax plan will not increase the deficit and that his tax reform is revenue neutral because he will close loopholes and deductions.

3. Closing a tax loophole or deduction is just another way to say tax increase.

4. Thus, accepting Romney's promises #1 and 2 are true, then Romney is also promising to increase taxes by $6 trillion to pay for his 20% rate reduction. These taxes could consist of health care premiums or the mortgage rate deduction, but we don't know. Romney refuses to tell you his secret plan to raise taxes to pay for his tax cuts that heavily benefit the rich.

Now, if Romney backs off of #1 or #2, then attack Romney for essentially admitting that he has no economic plan, because he just blew off one the basic tenets of his economic plan. His plan is essentially just trust me. If you have time, you can also note that Romney actually needs to raise taxes by more than $6 trillion because he also wants to pay for increase military spending as well as a cut in the corporate tax rate.

Which brings us to the other part of Romney's secret plan stick it to the middle class, Romney will pay for the huge deficit that his abomination of an economic plan created to gut Medicare and Social Security. Worse, he might even start a war with Iran to distract people from paying attention.

October 11, 2012

Romney's Flip Flops As A President - Unfortunately, You Don't Get Infinite Mulligans

It seems like the media has just decided to let Romney be Romney and if a policy proposal or comment blows up in his face, the media celebrates his subsequent retraction as "moving toward the middle" and "good politics." I have never seen a Presidential candidate flip flop on many policies so quickly with so little accountability.

However, the problem is that you just do not get that luxury as President. While the media may be willing to give Romney a free pass if Romney's numbers do not add up on his proposed tax cut or his all over the map comments on foreign policy, if Romney starts flipping around as a President, shooting his mouth off like he did in Europe by saying whatever seems convenient at the time, the American people will suffer.

I think the possibility of Romney presidency is quite real, but this is a very dangerous and risky prospect. When Romney plays a game of redlight and greenlight with his various policy proposals, the only thing impacted are his polling numbers. However, if he starts doing this as a President, we are going to have a real problem. Unfortunately, it seems like Romney just can't help himself.

October 10, 2012

Esquire - "The New New Romney Is a New Kind of Mendacious Liar"

Here is a link to a great article from Esquire that really nails the highly cynical nature of Romney's campaign. Basically, I can't tell you about my positions, because you would not vote for me if I did:

http://www.esquire.com/blogs/politics/new-new-romney-13541557

That Willard Romney is a preposterous candidate for either party to run three years after his general social and economic class nearly burned down the world economy always was a given. That, in the intervening years between his two presidential campaigns, Willard Romney really has become quite a remarkable liar is something to which we all should have become accustomed by now. (It certainly shouldn't have startled the president as much as it obviously did last week.) That he would attempt to "pivot" away from the stances he took to win the Republican primaries was as inevitable as the dawn, especially given the previous two factors we've mentioned. When it is argued that he is running a "post-truth" campaign, this should surprise approximately nobody. However, I am rather stunned that the quote from the primary debates that seems to be most revelatory of the Romney campaign was the answer he gave when poor, unfortunate Rick Perry asked him about the undocumented immigrants who once trimmed the hedges at the Romney family manse.

"I'm running for office, for Pete's sake, I can't have illegals."

This is not just lying or fudging or flip-flopping, although it contains elements of all of these. It is the same impulse that has fueled his (apparently successful) refusal to disclose fully his tax returns. It is the same impulse that led him to say what he did in the debate about his health-care plan and pre-existing conditions, and then have his campaign dispatch Eric Fehrnstrom to the spin room to declare precisely the opposite.

* * *
This is altogether stunning. All candidates soft-pedal positions that they feel might cost them votes. (Romney's running mate is something of a past master at it.) All candidates lie, or fudge, or flip-flop with something like abandon in order to win an election. But what Willard Romney is saying to the electorate here is so deeply, profoundly cynical that it seems to me to be unprecedented. In essence, this is what he's selling to the country.

"I'm not giving you specifics because I might lose the election, and I'm telling you that right up front so you can make it part of your calculation about voting for me. If I tell you what I'm going to do, you will vote against me. I know that. You know that. We are in agreement that, if I lay out my policies in clear and unambiguous language, you will not vote for me. If I tell you explicitly that, yes, your mortgage-interest deduction is going up the spout so I can shovel a few zillion more quatloos toward the Pentagon, nobody who owns only one house ever will vote for me. So, no, I'm not going to tell you what loopholes will be closed. For that reason, and that reason alone, I am declining to tell you what I will do as your president.

"I am not refusing to do this because circumstances in office may make me go back on what I have promised. I am not George H.W. Bush. I am not refusing to do this because I have to clue what I will do if I win. I am not George W. Bush, either. I am doing this because my policy ideas will make me unpopular and therefore, I am not going to share them because the opposition may use them to say mean things about me and help me lose the election. We all are in agreement on that. I am not required to do anything that might jeopardize my chances, and that includes telling you people what I will do if you elect me, because I'm running for office, for Pete's sake."

October 10, 2012

Behind Romney's Bid To Kill Big Bird - A Sloppy Wet Kiss To Corporate Media and Right Wing

While much has been made of Romney's promise to kill PBS, little has been said of the reason why Romney decided to target such a relative insignificant part of the federal budget as means to close the $6 trillion hole caused by his proposed tax cuts. The answer is that Romney's move is not budgetary in nature, but yet another attempt to (1) support his corporate backers and (2) limit media perspectives to those dependent on corporate advertising dollars.

1. The fact is that corporate media ownership has grown through the years such that only a few conglomorates own the numerous media outlets:



2. The descrease in a diversity of ownership has lead to a corresponding decrease in diversity of perspectives:



3. Therefore, Republicans have been outspoken in their efforts to kill PBS in order to further slant the media in support of right wing ideals. In addition, perhaps Romney hopes that the corporate media will more favorably cover his campaign in light of gift of the head of Big Bird as a sacrifice on the alter of corporate hegemony:

http://abcnews.go.com/Politics/budget-debates-begin-republicans-put-npr-pbs-chopping/story?id=12915626

Conservative lawmakers have attempted, for decades, to cut federal funding for public broadcasting, arguing that they have a liberal bias.

One of Newt Gingrich's first acts as speaker of the House in 1995 was to call for the elimination of federal funding for CPB, and for the privatization of public broadcasting. Neither attempt was successful, though it did keep the hot-button issue in the limelight for years.

* * *
In 2005, a House subcommittee voted to drastically cut CPB funding, and eliminate all of it within two years, a move many blamed on Tomlinson himself.

"Republicans have never been fond of public broadcasting. Republicans have always thought that public broadcasting across the board is liberal, is not particularly supportive of Republican and conservative points of view," Sterling said. "Democrats tend not to think that, unless they're from very conservative districts."
October 9, 2012

Romney foreign policy agenda short on specifics

Source: Chicago Sun Times

Mitt Romney delivered another major foreign policy speech on Monday, and he — as did Barack Obama when he was running for president in 2008 — talks as if he thinks world leaders, terrorists and rogue operators will snap to attention and do what the United States wants because there is a new man in the White House.

Romney focused much of his speech on turmoil in the Middle East as he stepped up his criticism of Obama over his handling of upheavals in Syria, Egypt and Libya, where the U.S. ambassador was recently murdered; the ongoing Israeli-Palestinian conflict and the dire threat Iran poses if it builds a nuclear weapon.

In terms of what Romney would actually, specifically do differently from Obama — send weapons to rebel forces in Syria, for example — Romney has yet to spell it out.

* * *
Said former Secretary of State Madeleine Albright, “In terms of Libya, for instance, I mean, at first he was for the intervention. Now he’s against it. It’s unclear where he is on Syria, for instance, where at one stage I thought I heard him say earlier — not in the speech but earlier — that he would arm the rebels. Now he’s kind of just saying that might help them in some way.

Read more: http://www.suntimes.com/news/sweet/15643146-452/romney-foreign-policy-agenda-short-on-specifics.html



Once again Romney vaguely promises to be more aggressive and foreign policy. Code for I will attack Iran?
October 9, 2012

Atlantic - "Mitt Romney's Terrible, Horrible, No Good, Very Bad Foreign-Policy Speech"

Romney could just cut to the chase and say that he will do whatever Sheldon Adelson tells him to do. Finally, Romney's words clearly set the stage for the attack on Iran that Adelson/Netenyahu so clearly support.

http://www.theatlantic.com/politics/archive/2012/10/mitt-romneys-terrible-horrible-no-good-very-bad-foreign-policy-speech/263369/?google_editors_picks=true

The speech that Mitt Romney gave Monday ought to make every American nervous about what he and his ideological team would do if permitted to direct U.S. foreign policy. What a debacle.

"It is the responsibility of our president to use America's great power to shape history -- not to lead from behind, leaving our destiny at the mercy of events," he said, giving voice to the mistaken premise that made Dick Cheney and Joe Lieberman allies. Anyone running for president ought to know that the president's actual responsibilities were set forth in the Constitution. That document was written long before America became a hegemon. Its signatories wisely and explicitly rejected the notion that a single man ought to be charged with shaping history. You'd think that the Iraq War would've served as a reminder that hubristic men who think they can shape history almost always fail miserably. But Romney mentioned Iraq only briefly, insisting we should've stayed longer. He doesn't realize or won't admit that occupying foreign countries makes America more rather than less vulnerable to uncontrollable events.

Despite the years of improvised explosive devices and the thousands of dead American troops, Romney insists that "there is a longing for American leadership in the Middle East -- and it is not unique to that region." America's closest ally, Israel, does not itself want to be led by America, nor does any other sovereign country. There are those who want America to lead others in some way or other, but it is as true to observe that there is a longing for America's withdrawal from the region. Neither longing tells us what America's role in the Middle East ought to be.

Romney noted recent events in Libya, and went on to say that the struggle there is the same one we're seeing "in the streets of Iran, in the public squares of Tunisia and Egypt and Yemen, and in the fights for liberty in Iraq, and Afghanistan, and Libya, and now Syria. In short, it is a struggle between liberty and tyranny, justice and oppression, hope and despair." He went on to assert that "we have seen this struggle before" when "in the ashes of world war, another critical part of the world was torn between democracy and despotism. Fortunately, we had leaders of courage and vision, both Republicans and Democrats, who knew that America had to support friends who shared our values, and prevent today's crises from becoming tomorrow's conflicts."

This is hopelessly muddled.
October 9, 2012

Big gaps in Romney plan on pre-existing conditions

Source: Associated Press

WASHINGTON (AP) — Republican presidential candidate Mitt Romney says he has a plan to help people with pre-existing medical conditions get health insurance. But there's a huge catch: You basically have to be covered in the first place.

If you had a significant break in health insurance coverage an insurer still could delve into your medical history, looking for anything — from a bad back to high blood pressure — that could foreshadow future claims. They'd be able to turn you down.

That's a contrast to President Barack Obama's health care law, which guarantees that people in poor health can get comprehensive coverage at the same rates everybody else pays, and provides government subsidies to help low- to middle-income households pay premiums.

Starting Jan. 1, 2014, an insurer "may not impose any pre-existing condition exclusion," the law says.
Romney mentioned his pre-existing conditions plan during last week's presidential debate. "I do have a plan that deals with people with pre-existing conditions," he said.

Read more: http://news.yahoo.com/big-gaps-romney-plan-pre-existing-conditions-070520547--election.html



The corporate media has generally given Romney a free pass on many of his lies during the debate choosing instead to highlight polls that are in his favor or focusing on the optics of the debate. Here is a story that addresses at least on of Romney's lies and hidden caveats.

Notably, Romney's campaign (surprise) is not providing additional detail regarding Romney's plans.

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