The biggest lie of Campaign 2012

[Conservative]

The biggest lie of Campaign 2012 - Opinion - ReviewJournal.com

The Whopper to End All Whoppers is President Obama's claim that his tax plan will pay down the country's staggering $16 trillion national debt.

Obama says we can get there by making the wealthy "pay a little more." "Millionaires and billionaires" will cover the bill, he says. But his plan, as represented, doesn't even come close.

Ah, but we're forgetting all those vile millionaires and billionaires, the biggest targets of Obama's class-warfare rhetoric. For them, Obama has proposed the "Buffett Rule," named for guilt-ridden billionaire Warren Buffett and his desire to flush more of his fortune down the federal latrine. The Buffett Rule would require everyone with an adjusted gross income of at least $1 million to pay at least a 30 percent tax rate. Surely, that will get us a budget surplus.

Wrong. It's a political gimmick. The Buffett Rule would generate less than $5 billion per year in federal tax revenue, assuming the Bush tax cuts expire. If the Bush tax cuts were extended, the Buffett Rule would add about $16 billion in new revenue.

Worse, Obama has said he wants the Buffett Rule to replace the Alternative Minimum Tax, which is projected to generate more than $100 billion per year over the next 10 years. If he sticks by that promise, the Buffett Rule-for-AMT trade would be a net tax cut, and shift the math even farther away from the surplus needed to pay down the debt.

The Obama lie is that we can tax our way out of the current budget deficit, tax our way out of debt, maintain spending levels and meet future obligations.

It's economically impossible.

The CBO reports the country's debt-to-GDP ratio is on course to hit 200 percent by 2037, just 25 years from now.

But the president insists he'll pay down the debt, and no one says a word.

 

[healthmyths]

PER the IRS.. those dastardly, evil "millionaires and billionaires" that filed taxes in 209
SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income
NOW these are the facts if any of you want to take the time and do it your self!!!

227,202 tax returns with incomes over $1 million.
$486,776,993,000 was total taxable income from the above returns.
$123,709,600,000 was the total taxes PAID on the above or 25.41% of the taxable income

NOW if the tax rate was RAISED to 30% how much more taxable income would be added.
$146,033,099,000 would be total taxes at 30%

TOTAL GAIN from raising taxes to 30% -------- $22,323,499,000!

SO let's go ahead tax these filthy evil "millionaires and billionaires" at 100%!
We'll add : $363,067,395,000! YEA go get em!!!!

Only problem is.. these 227,202 tax returns will just give up their citizenship eventually and as
NY,CA, and other personal tax ,city tax, state taxes, are finding out .. these people MOVE!



Denise Rich Renounces U.S. Citizenship, Will Save Tens Of Millions In Tax Dollars

 

[PLYMCO_PILGRIM]

The biggest lie of Campaign 2012 - Opinion - ReviewJournal.com

The Whopper to End All Whoppers is President Obama's claim that his tax plan will pay down the country's staggering $16 trillion national debt.

Obama says we can get there by making the wealthy "pay a little more." "Millionaires and billionaires" will cover the bill, he says. But his plan, as represented, doesn't even come close.

The CBO reports the country's debt-to-GDP ratio is on course to hit 200 percent by 2037, just 25 years from now.

But the president insists he'll pay down the debt, and no one says a word.

He could raise the rates on the top 1% to 75% of their income and we would still have a budget defecit......where did all the Woodwards and Bernsteins go?

 

[TheGreatGatsby]

Anybody who believes that Obama is interested in paying down the debt should be wearing a kick me sign. What troubles me is that Romney/Ryan aren't especially interested either. However, I do know that they will be responsible with our money to create jobs/revenues and not engage in as much wasteful spending.

 

[Big Black Dog]

it's hard to say which is the biggest lie of the 2012 campaign when practically every word coming out of Obama and Biden's mouth is a lie. Too many to choose from.