Washington Post Editorial Board: Mitt Romney's Tax Plan 'Counting On Magic'

[Lakhota]

The Washington Post editorial board on Saturday published another critical review of Mitt Romney's campaign, this time focusing on his tax plan.

"For several weeks, we’ve been asking Republican presidential nominee Mitt Romney to explain how he can cut taxes, as promised, without adding to the nation’s debt, as also promised," the piece said. "Now he’s effectively let the cat out of the bag: He can’t."

The editorial attacked Romney's plan as "counting on magic" and compared it to "the wishful thinking of President George W. Bush’s 2001 and 2003 tax cuts that helped turn a surplus into the deficit now weighing the nation’s economy."

WaPo's editorial staff has come after Romney in recent weeks for his tax plan, his lack of foreign policy experience, and for being too vague. It also criticized the Republican presidential nominee over comments he made about the attacks in Libya last week.

More: Washington Post Editorial Board: Mitt Romney's Tax Plan 'Counting On Magic' - Huffington Post/By Alana Horowitz

Source: Mitt Romney's confession - The Washington Post Editorial Board

 

[rdean]

Which Republican Policy doesn't rely on "magic"?

Trickle down is magical.

Their science is based on the occult.

They want everyone in the country to follow a "spirit". Also magical.

 

[Lakhota]

Maybe Romney is saving all the "details" for the debates? Ha...ha...

 

[Lakhota]

This gross understatement is the funniest shit I've heard all week:

Some GOP senators are worried that Romney has yet to give voters a clear vision of what to expect if he is to become president.

GOP lawmakers say Romney campaign needs to change course - The Hill

 

[Lakhota]

 

[Obamanation]

Funny that every time in the history of the US when we lower the effective tax rate, tax revenuve increases....

That's not magic -- that is economics!! Take the burdon off money creators and they make more money --- when they make more money you earn more revenue off less taxation.... simple --- and effective EVERY time it's been done in US history.

 

[tyroneweaver]

Maybe Romney is saving all the "details" for the debates? Ha...ha...

who's his opponent??? Valerie Jarrett, ben Bernake

 

[Lakhota]

Funny that every time in the history of the US when we lower the effective tax rate, tax revenuve increases....

That's not magic -- that is economics!! Take the burdon off money creators and they make more money --- when they make more money you earn more revenue off less taxation.... simple --- and effective EVERY time it's been done in US history.

That's hilarious! The rich have totally gamed the system! Please provide some "credible" proof of your claim.

New Study Finds High-Income Tax Cuts Don't Stimulate Economic Growth | ThinkProgress

15 Things the GOP Doesn't Want You to Know About Taxes and the Debt | Crooks and Liars

Lower Taxes On The Rich Don’t Lead To Job Growth

 

[Obamanation]

Funny that every time in the history of the US when we lower the effective tax rate, tax revenuve increases....

That's not magic -- that is economics!! Take the burdon off money creators and they make more money --- when they make more money you earn more revenue off less taxation.... simple --- and effective EVERY time it's been done in US history.

That's hilarious! The rich have totally gamed the system! Please provide some "credible" proof of your claim.

New Study Finds High-Income Tax Cuts Don't Stimulate Economic Growth | ThinkProgress

15 Things the GOP Doesn't Want You to Know About Taxes and the Debt | Crooks and Liars

Lower Taxes On The Rich Don’t Lead To Job Growth

I know you are to lazy to actually read so watch this....

[ame=http://www.youtube.com/watch?v=y47jW2vfHWU]Lowering taxes actually increases tax revenue (11Nov10) - YouTube[/ame]

 

[Obamanation]

Do Tax Cuts Increase Revenue

Fact-Checking President Obama on “Trickle-Down” Economics

 

[NYcarbineer]

Funny that every time in the history of the US when we lower the effective tax rate, tax revenuve increases....

That's not magic -- that is economics!! Take the burdon off money creators and they make more money --- when they make more money you earn more revenue off less taxation.... simple --- and effective EVERY time it's been done in US history.

No, actually it's not true. For example,

1. From 82 to 83 the effective tax rate fell AND revenues fell.

2. From 2000 to 2001 the effective tax rate fell AND revenues fell.

3. From 2002 to 2003 the effective tax rate fell AND revenues fell.

You can look it up here

Historical Effective Federal Tax Rates for All Households

and here

Historical Federal Receipt and Outlay Summary

 

[Obamanation]

Funny that every time in the history of the US when we lower the effective tax rate, tax revenuve increases....

That's not magic -- that is economics!! Take the burdon off money creators and they make more money --- when they make more money you earn more revenue off less taxation.... simple --- and effective EVERY time it's been done in US history.

No, actually it's not true. For example,

1. From 82 to 83 the effective tax rate fell AND revenues fell.

2. From 2000 to 2001 the effective tax rate fell AND revenues fell.

3. From 2002 to 2003 the effective tax rate fell AND revenues fell.

You can look it up here

Historical Effective Federal Tax Rates for All Households

and here

Historical Federal Receipt and Outlay Summary

Not saying you are wrong, but I don't see revenue shown anywhere...

 

[Obamanation]

Oh, I see what you are doing there....

You are just looking at the following year....

Funny, if you look at every year we drop taxes, and then look at the next FEW years --- there is ALWAYS a significant jump.

Would love to see that charted in lines on one graphic -- just tax rates and revenue...

 

[Obamanation]

Here is a good one. Revenue stays the same REGARDLESS of tax rate... lol

Raising taxes on the rich does NOTHING to increase revenue... LMBO!!!!

Tax Rates and Revenue

 

[Obamanation]

Tax Rates vs. Revenue Chart
This is a great IMPERATIVE CHART to have at hand to educate your liberal friends and co-workers that raising taxes does not raise revenue. Here are a few notes:

•Revenues rose to the standard 18% in 2006-8 despite Bush tax cuts
•Revenues are projected to increase to 17% in 2012 despite no anticipated increase in tax rates.
•Revenues are down in 2009, 2010 & 2011 because of the recession—not tax cuts
•1987: Reagan top tax rate: 28% —> Revenue 18%
•1995: Clinton top tax rate: 39.6% —> Revenue 18%
•2007: Bush top tax rate: 35% —> Revenue 18%

 

[Obamanation]

here is the best one all together

Corporate Tax Laffer Curve | Cato @ Liberty

this is REALLY what Obama is talkingabout - and Imperical Proof that he is trying to pit the middle and lower classes against the upper class for NO BENEFIT to America!

 

[NYcarbineer]

Oh, I see what you are doing there....

You are just looking at the following year....

Funny, if you look at every year we drop taxes, and then look at the next FEW years --- there is ALWAYS a significant jump.

Would love to see that charted in lines on one graphic -- just tax rates and revenue...

Tax revenues peaked in 2007. That's 5 years ago.

 

[Obamanation]

Oh, I see what you are doing there....

You are just looking at the following year....

Funny, if you look at every year we drop taxes, and then look at the next FEW years --- there is ALWAYS a significant jump.

Would love to see that charted in lines on one graphic -- just tax rates and revenue...

Tax revenues peaked in 2007. That's 5 years ago.

Do you have a point? didn't think so...

 

[Annie]

Maybe Romney is saving all the "details" for the debates? Ha...ha...

and wouldn't that be a kick in the head?

Seriously, his framework is correct. Obama's spending until the economy rights itself, will not work.

 

[Erand7899]

Oh, I see what you are doing there....

You are just looking at the following year....

Funny, if you look at every year we drop taxes, and then look at the next FEW years --- there is ALWAYS a significant jump.

Would love to see that charted in lines on one graphic -- just tax rates and revenue...

Tax revenues peaked in 2007. That's 5 years ago.

Just about when the recession started, and one year after the Democrats took control of congress.