Mainstream Media demands details from Romney – IGNORES Obama lies on Economy
Mitt Romney has a 5 point plan to fix the economy. Paul Ryan talked about it for 8 minutes today. There is a YouTube clip if you’re interested. President Obama on the other hand, hasn’t had a budget in over 3 years. THe last 2 he submitted received no votes in either house of congress. The CBO refused to score his latest budget ‘proposal’ because there wasn’t enough detail. The Democratic controlled Senate has violated the law and simply not passed one of their own for three years. The press? They demand answers… from Mitt Romney? Seriously? Hey guys let’s help you connect two dots.
Dot 1 – President Obama is committing to balancing the budget by 2022.
Dot 2 – His ‘plan’ calls for spending growth. He could tax millionaires at 100% and not get close to balancing the budget. So to meet his commitment he would need to raise taxes on the… wait for it… middle class.
OK Press, this is where you do YOUR job. Ask him. Is his plan to raise taxes on the middle class, or fail to balance the budget because of uncontrolled spending? Because his current answer is total, 100% BS.
A new study by Douglas Holtz-Eakin of the American Action Forum finds that President Barack Obama’s spending plan would raise taxes on the middle class. “[T]axpayers making as little as $30,000 will carry $1,500 more in taxes annually over the next 10 years,” the study finds.
The significance of this study is that it contradict Obama’s pledge not to raise taxes on the middle class. “If you are a family making less than $250,000 a year, you will not see your taxes go up,” Obama said in 2008.
But if the American Action Forum study is correct, and if Obama is reelected, he will either break his pledge not to raise taxes on the middle class or his commitment to balance the budget.
The study hinges on Obama’s commitment to balance the budget by 2022. “[The] paper outlines the tax implications of the Administration’s current spending plans. I compute the tax increases necessary to achieve primary budget balance by at least 2022 under a variety of assumptions on the mix of fiscal adjustment and breadth of tax increases across taxpayers,” Holtz-Eakin writes in the study’s executive summary.
There are not enough millionaires to make up the gap, Holtz-Eakin finds. “The paper finds that, in order to achieve primary budget balance by at least 2022, taxing only millionaires would require raising their taxes to 123.9 percent. Taxing only those individuals making over $500,000 would require an increase from 30.6 percent to 95.5 percent.”