courseofhistory
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- Aug 7, 2012
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The "$5 trillion in tax cuts" is an extrapolation over ten years. $1 trillion of those cuts are cuts for the middle class such as the elimination of taxes on capital gains, dividends, and interest income.
Another trillion is the reduction of the top corporate tax rate from 35 percent to 25 percent.
Additional cuts come in the form of everyone's tax rates being lowered by 20 percent, and the elimination of the Alternative Minimum Tax.
The opposition to Romney would like you to believe that after you remove all the tax deductions for the rich, you come up a trillion dollars short in paying for all those cuts, and that means you have to take the rest out of the hides of the middle class.
But this assumes no economic recovery and subsequent growth which would provide higher revenues.
So will the Left try to sabotage Romney's plans for recovery as they so often accuse the Right of doing?
.
The "$5 trillion in tax cuts" is an extrapolation over ten years. $1 trillion of those cuts are cuts for the middle class such as the elimination of taxes on capital gains, dividends, and interest income.
Another trillion is the reduction of the top corporate tax rate from 35 percent to 25 percent.
Additional cuts come in the form of everyone's tax rates being lowered by 20 percent, and the elimination of the Alternative Minimum Tax.
The opposition to Romney would like you to believe that after you remove all the tax deductions for the rich, you come up a trillion dollars short in paying for all those cuts, and that means you have to take the rest out of the hides of the middle class.
But this assumes no economic recovery and subsequent growth which would provide higher revenues.
So will the Left try to sabotage Romney's plans for recovery as they so often accuse the Right of doing?
.
OK...let's play Romney's assumption game.....assuming there is an economic recovery if he is elected, how long will it take to cover the cuts he wants to make? How many new jobs will he need to create and over what period of time in order to make this defecit neutral?
The "$5 trillion in tax cuts" is an extrapolation over ten years. $1 trillion of those cuts are cuts for the middle class such as the elimination of taxes on capital gains, dividends, and interest income.
Another trillion is the reduction of the top corporate tax rate from 35 percent to 25 percent.
Additional cuts come in the form of everyone's tax rates being lowered by 20 percent, and the elimination of the Alternative Minimum Tax.
The opposition to Romney would like you to believe that after you remove all the tax deductions for the rich, you come up a trillion dollars short in paying for all those cuts, and that means you have to take the rest out of the hides of the middle class.
But this assumes no economic recovery and subsequent growth which would provide higher revenues.
So will the Left try to sabotage Romney's plans for recovery as they so often accuse the Right of doing?
.
OK...let's play Romney's assumption game.....assuming there is an economic recovery if he is elected, how long will it take to cover the cuts he wants to make? How many new jobs will he need to create and over what period of time in order to make this defecit neutral?
To collect an additional trillion dollars over ten years, you only have to add $100 billion in revenues per year.
In 2011, the US collected $2.3 trillion.
The Obama White House is predicting $3.9 trillion in annual revenues by 2017.
Far, far more than enough to cover the bill.
It's only fair to use Obama's own optimistic projections.
If that assumes the expiration of the Bush tax cuts, then you can go back to 2006 (before the recession), where we collected $2.4 trillion during a normal economy. Again, enough to cover the bill.
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