Liberals struggle with facts and numbers so the fact that they can’t get their heads around the numbers in Mitt Romney’s tax plan shouldn’t be surprising.
Let’s be very clear about what Mitt Romney has actually said regarding his plan:
- 20% across the board cuts in tax rates
- Close deductions and loopholes to offset cuts
- Will not have a tax plan that raises the deficit
- Will not raise taxes on the middle class
Nowhere in there do I see the number $5 trillion and it should be noted what that number actually refers to: the decrease in revenue the government would get from the proposed cut.
That’s the only thing that number can refer to because without the revenue those $5 trillion don’t exist.
But the fact of the matter is, with Mitt Romney’s tax plan, the off-setting revenue comes from job creation. If you plan to cut taxes and offset the lost revenue then what you have truly isn’t, in any practical sense, a $5 trillion cut, at least not the way President Obama means it.
President Obama wants you to believe Mitt Romney is handing more money to the rich and he’s said as much. While it’s true a 20% bite off the wealthiest Americans represents a larger chunk by tax rate percent, the practicality of what the president is saying has no basis in reality.
Think about it like you’re at the mall and you have a 20% off coupon at a department store. If you buy something that is $100 you save $20, but if you buy something that is $200, you save $40. That’s the way a rate works.
“The rich” are already paying higher rates than everyone else, so by having a 20% rate decrease for everyone, the rich will get a bigger piece of that pie to be sure. But the rate everyone is losing is equal: 20%.
A number of credible news organizations, including the Washington Post, have concluded that Mitt Romney’s explanation for why he doesn’t have a $5 trillion tax cut is accurate.
What liberals like Tommy Christopher don’t get is, you can’t put words in someone’s mouth and then when he says he never said that, call him a liar.
Mitt Romney is cutting rates and he’s raising revenues by cutting other government spending and encouraging growth.
Any study that says he needs to raise taxes on the middle class to pay for it is ridiculous, considering he already said he’s lowering everyone’s rates. Why would anyone say “Well, we’re going to lower everyone’s rates, but in order to pay for the richest people to get their breaks, we actually need to now raise middle class taxes”?
You wouldn’t. Not even liberals are dumb enough to do something like that (Ok, maybe that’s a stretch).
Furthermore, a Princeton economist recently concluded that in order for Romney to add enough jobs to pay for these cuts, the economy would only have to grow at about 2.29% on average over 10 years, certainly not anything outrageous. While GDP is only growing at around 1.3% currently, it was at about 3% when 2012 began.
Maintaining that kind of growth is certainly a credible solution, particularly when you consider the regulations and anti-growth legislation enacted by Barack Obama over the last four years could be rolled back under a Romney presidency.
With news like we got today, that we only added 114,000 jobs when you need about 150,000 to keep up with population growth, that is certainly not moving this country forward.
We need a president who knows how take facts and numbers and use them to create credible solutions in the real world. You can’t do that with an ultra-liberal in the White House.