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$251 billion - $165 billion = $86 billion tax cut
The group cited by Romney's campaign today proved that unless you assume tax cuts magically grow the economy, Romney's numbers don't add up.
I'm beginning to think that the only thing Mitt Romney has against Etch A Sketches is that he thinks Etch A Sketches are too darn permanent. His campaign's latest change of heart:
In a press release today, the Romney campaign cites an article that ran in The Hill prominently citing the non-partisan think tank the Tax Policy Center to hit President Obama on how his policies have effected farmers. The Romney campaign, as recently as Sunday, was calling the Center “a liberal think tank” for saying Romney's tax plan would increase have to increase taxes on lower and middle income people to pay for his plan.
The excerpt of the report distributed by the Romney campaign describes the Tax Policy Center as "non-partisan," which is entirely accurate. They are an independent organization and their analysis conclusively demonstrated that Romney's tax plan math doesn't add up—unless you assume that cutting taxes would create so much economic growth that the tax cuts would pay for themselves. That's the same trickle-down theory that George W. Bush used to wreck our economy after the Clinton boom, and it's the same theory that Mitt Romney endorsed in last week's debate. And it's got about as much chance of working as Romney does of being able to keep his story straight on any given topic from one moment to the next.

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Comment Preferences

  •  that Think Tank is actually a Faith-Based Tank (1+ / 0-)
    Recommended by:
    NMDad

    80 % of Success is Just Showing Up ! ! !
    So just go vote ! ! !

    by Churchill on Tue Oct 09, 2012 at 01:16:10 PM PDT

  •  Part of their new (3+ / 0-)
    Recommended by:
    Churchill, politicalceci, jfromga

    campaign strategy to run to the left of Obama.

    Yeah, well, you know, that's just, like, your opinion, man.

    by NMDad on Tue Oct 09, 2012 at 01:17:09 PM PDT

  •  what now, is Cheney left of Obama? ROF LMFAO (5+ / 0-)

    80 % of Success is Just Showing Up ! ! !
    So just go vote ! ! !

    by Churchill on Tue Oct 09, 2012 at 01:19:05 PM PDT

  •  I didn't see Romney @ any leftie meetings (2+ / 0-)
    Recommended by:
    jfromga, rbird

    80 % of Success is Just Showing Up ! ! !
    So just go vote ! ! !

    by Churchill on Tue Oct 09, 2012 at 01:19:22 PM PDT

  •  This is HARD! (3+ / 0-)
    Recommended by:
    NMDad, Involuntary Exile, TKO333

    What, you expect him to remember who he didn't like on Sunday?  It's Tuesday, for Pete's sake!

    I'm beginning to think that we should harness his flip-flops for green energy.

    (-6.25, -6.77) Moderate left, moderate libertarian

    by Lonely Liberal in PA on Tue Oct 09, 2012 at 01:22:46 PM PDT

  •  the estate tax (1+ / 0-)
    Recommended by:
    Involuntary Exile

    some family farms may be affected.  More than five million dollars in value, maybe they should be.  After all, the aristos in Europe only owned a bunch of old family farms and a few town homes.  How are the super rich to live.

    The difference between 50,000 esates and 7,000 estates. A tiny fraction of all estates in either event.

    In Mitt Romney's world, not only do facts not dictate, they don't even exist.

    •  Incorporate the farm with heirs being some of (4+ / 0-)
      Recommended by:
      jfromga, TKO333, lcbo, Involuntary Exile

      the trustees or perhaps even all of them.  Romney has found ways around the estate tax for his own kids and grandkids, special revocable trusts.  The wounds to the wealthy are always paper cuts when it comes to keeping an iron grip on their wealth.

      Romney went to France instead of serving in our military, got rich chop-shopping US businesses and eliminating US jobs, off-shored his money in the Cayman Islands, and now tells us to "Believe in America."

      by judyms9 on Tue Oct 09, 2012 at 01:30:42 PM PDT

      [ Parent ]

    •  There's an industry built around estate planning, (0+ / 0-)

      and anyone with an estate worth over $5mil avails himself/herself of expert advise intended to maximize estate value and minimize estate tax.  All one has to do is puruse rMoney's tax returns to see "estate planning" in action.

      If anyone thinks that your overall clad family farmer with land valued over $5mil doesn't have an estate plan, guess again.  First off, the tax is only on the amount above the threshold amount.  Second, if the land is held in joint tenancy, the land passes to the joint tenant without being subject to taxation.  Farmer Greenjeans can create joint tenancies with his heirs and estate tax will never be an issue (but capital gains tax will, at such time as the land is sold).  If farmer Greenjeans doesn't want to go that route he can simply estimate the amount that will be subject to taxation, calculate the tax, and buy a life insurance policy that will cover the tax amount. (Insurance proceeds are never subject to taxation.)

      Honestly, it's really a bogus argument in any event, because any farmer with land valued over $5mil transferred his land into a partnership, trust or subchapter S corporation long ago.

      "Some folks rob you with a six-gun, some rob you with a fountain pen." - Woody Guthrie

      by Involuntary Exile on Tue Oct 09, 2012 at 02:19:02 PM PDT

      [ Parent ]

  •  Mitt Romney is a scumbag (0+ / 0-)

    "Rick Perry talks a lot and he's not very bright. And that's a combination I like in Republicans." --- James Carville

    by LaurenMonica on Tue Oct 09, 2012 at 01:28:21 PM PDT

  •  Romney is a distraction. The congressional (0+ / 0-)

    Republicans will be running the show.  Nothing mitt says signifies.

    I can’t decide who’s cuter – the dead guy with the arrows in his chest, or the guy in the ditch with the seeping wound. -- Game of Thrones (Heard on Set)

    by prodigal on Tue Oct 09, 2012 at 01:28:37 PM PDT

  •  How can people trust Mitt Romney? (0+ / 0-)

    He's simply a huckster who more invested in fooling the American people rather than embracing a particular set of principles.

    Mittens doesn't hide this behavior.  He's not ashamed of lying in front of the public.  In fact, he celebrates his unbelievability. The GOP enables this horrible behavior.

    So why do people think this man can effectively embrace anything that might impact American society?

    This new embrace of tax policy should be the straw that broke the camel's back.

    "Those who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." --Benjamin Franklin

    by politicalceci on Tue Oct 09, 2012 at 01:28:53 PM PDT

  •  Mittsignificant. (1+ / 0-)
    Recommended by:
    antirove

    Anything he says is insignificant tomorrow.  Tethered or, anything he says is mittsignificant.  It has the quality of mittsignificance.  

    I can’t decide who’s cuter – the dead guy with the arrows in his chest, or the guy in the ditch with the seeping wound. -- Game of Thrones (Heard on Set)

    by prodigal on Tue Oct 09, 2012 at 01:32:05 PM PDT

    •  God I hate iPads spelling assistance (0+ / 0-)

      Therefore, anything he says is mittsignificant.  

      I can’t decide who’s cuter – the dead guy with the arrows in his chest, or the guy in the ditch with the seeping wound. -- Game of Thrones (Heard on Set)

      by prodigal on Tue Oct 09, 2012 at 01:32:53 PM PDT

      [ Parent ]

      •  Just assume the OhMittionary position and he'll (1+ / 0-)
        Recommended by:
        prodigal

        make you believe whatever he declares as true this moment seem 'legitimitt', well I'm sure Ann and many in the mass media would agree.  

        Okay, yes, perhaps I am already anticipating someone here will claim that now I've gone 'over the top', but hey, being like Mitt is what we're supposed to aspire to, right? After all the even horse-race AP horse apple stories in the papers and on TV the last few days, perhaps you'll understand.

        When life gives you wingnuts, make wingnut butter!

        by antirove on Tue Oct 09, 2012 at 01:55:51 PM PDT

        [ Parent ]

    •  tomorrow? (0+ / 0-)

      more like in a couple of hours!

  •  it really doesn't matter. all he has to do is say (1+ / 0-)
    Recommended by:
    divedeeper

    six studies prove my tax plan will not raise middle class taxes. NO ONE will ask for details. And - he did just that.

    "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

    by eXtina on Tue Oct 09, 2012 at 01:35:35 PM PDT

  •  Cherry Picking Farm Data, Sweet nt (0+ / 0-)

    The 1st Amendment gives you the right to say stupid things, the 1st Amendment doesn't guarantee a paycheck to say stupid things.

    by JML9999 on Tue Oct 09, 2012 at 01:36:21 PM PDT

  •  "effected"... oh come on seriously? (0+ / 0-)

    I mean I know it's entirely besides the point, but people really sabotage their points when making stupid mistakes like that. It made it difficult for me to take anything mentioned on the buzzfeed page seriously.

  •  Beware of "Growth" (0+ / 0-)

    This is the fudge factor that Romney and Ryan are counting on to make their lousy math work. I believe it will be Ryan's escape strategy in the debate with Biden.

    I've yet to see anyone quantify how much growth would be needed to equal the difference between the cost of the tax cuts ($5 trillion) and the potential savings from ending tax credits for things like mortgage interest, charitable donations and medical expenses.

    I'd like our side to have that number before the BS emerges from Ryan.

    The fact is, the tax cuts are always going to come first, and the growth is just wishful thinking (dis-proven by previous trickle down tax cutting). The gamble that this would not increase the deficit in practice would be an irresponsible one to take. Weigh that against the certainty that well-off Americans will benefit before ANY growth happens or any popular tax credits are ended.

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