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News & Politics News & Politics

The Obama Street Journal

Posted by on Sep. 15, 2012 at 7:18 AM
  • 15 Replies

The President takes our name in vain to make a false tax claim.

President Obama is running another ad pretending Mitt Romney has a secret plan to raise taxes on the middle class, which Freudians would call projection. We're not sure what they'd call the President's bid to make us his accomplices by invoking The Wall Street Journal, but our term for it is political sociopathy.

"To pay for huge new tax breaks for millionaires like him," the narrator says, "Romney would have to raise taxes on the middle class—$2,000 for a family with children, says a nonpartisan report." Then this newspaper's nameplate glides across the screen, with the text, "Study: Romney's Tax Plan Hits Middle Class, 8/1/12."

That would be a 250-word, four-paragraph item on the Journal's Washington Wire blog, which merely informed readers of the existence of a Tax Policy Center study on the Romney tax plan. That's the supposedly "nonpartisan report" the ad cites.

Since Mr. Obama's ad makers had perhaps a million such uncritical blurbs to choose from, and most of them lacked straight-up-the-middle headlines, our guess is that they deliberately choose the Journal to associate Mr. Obama with this editorial page's antitax credibility. It's a subtle if familiar appeal to authority: "Even the Wall Street Journal . . ."

Apart from taking our name in vain, the larger problem is citing a month-old blog post about what is a single and now discredited report. The Tax Policy Center authors—Samuel Brown, William Gale and Adam Looney, the last a former Obama Administration economist—concluded that Mr. Romney's tax plan was "mathematically impossible" and therefore to avoid increasing the deficit he would have to dip into the lower-income brackets for more revenue.

But it turns out the authors made selective and speculative assumptions and even invented tax details that Mr. Romney has never endorsed. In a follow-up paper on August 16, they conceded that they were merely looking at "the broad implications" of Mr. Romney's reform.

Later in August, Harvard economist and Romney adviser Martin Feldstein published his own calculations in these pages. He concluded, "Since broadening the tax base would produce enough revenue to pay for cutting everyone's tax rates, it is clear that the proposed Romney cuts wouldn't require any middle-class tax increase, nor would they produce a net windfall for high-income taxpayers. The Tax Policy Center and others are wrong to claim otherwise."

In still another walkback, Messrs. Brown, Gale and Looney concede again that "both Feldstein and we use stylized reforms that could not be implemented in practice" and that the whole debate "over what is or isn't possible"—er, the debate they started—"distracts from the more important question of what the Romney plan actually is."

Egged on by the likes of the Tax Policy Center, the media are demanding an absurd level of detail from Mr. Romney that no candidate in history has ever been required to offer. (What will you do about the tax treatment of municipal bond interest?) Meanwhile, Mr. Obama is awarded with a get-out-of-policy-jail-free card for his budget that proposes to take on debt indefinitely until the economy crashes. A middle-class tax increase is far more likely—we'd say a certainty—under Mr. Obama's plan than it is under Mr. Romney's.

We want nothing to do with that agenda, but readers who see our name exploited in a TV ad should take it as one more sign of the Obama campaign's serial dishonesty.

A version of this article appeared September 14, 2012, on page A12 in the U.S. edition of The Wall Street Journal, with the headline: The Obama Street Journal.

by on Sep. 15, 2012 at 7:18 AM
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Replies (1-10):
gsprofval
by Gold Member on Sep. 15, 2012 at 10:26 AM
4 moms liked this

This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.

obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.

Which plan is better?  That answer is a no-brainer--Romney, of course.

4kidz916
by Gold Member on Sep. 15, 2012 at 11:37 AM
2 moms liked this

Thanks for the info but I doubt many will believe it. 

LIMom1105
by on Sep. 15, 2012 at 11:43 AM


Quoting gsprofval:

This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.

obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.

Which plan is better?  That answer is a no-brainer--Romney, of course.

Where does Romney's plan encourage company's to hire? 

And yes Romney plans to offer tax cuts, but unless you are earning top dollar, you will probably not see them.  Instead you may see the end of deductions (like the mortgage deduction most middle class earners really need), so in essence, his plan may be equal to a tax hike on the middle class.  He has been vague about the specifics as to where he will obtain revenue with all his cuts. 


 

DSamuels
by Gold Member on Sep. 15, 2012 at 11:44 AM
1 mom liked this
Obama put out a false ad? Not a bit surprising! I'm sure response from most of the libs/dems will be, but Romney said.
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DSamuels
by Gold Member on Sep. 15, 2012 at 11:48 AM
2 moms liked this
And Obama hasn't exactly been forthcoming About where all the money to pay for obamacare will come from, or how much it will cost each family. There will be subsidies to help families pay, but no figures on income limits, premium costs, it's ALL speculation.

When you cut loopholes and lower tax rates, revenue goes UP. It's been proven in the past.


Quoting LIMom1105:



Quoting gsprofval:


This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.


obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.


Which plan is better?  That answer is a no-brainer--Romney, of course.


Where does Romney's plan encourage company's to hire? 


And yes Romney plans to offer tax cuts, but unless you are earning top dollar, you will probably not see them.  Instead you may see the end of deductions (like the mortgage deduction most middle class earners really need), so in essence, his plan may be equal to a tax hike on the middle class.  He has been vague about the specifics as to where he will obtain revenue with all his cuts. 



 

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LIMom1105
by on Sep. 15, 2012 at 11:54 AM
1 mom liked this

Sure revenue and consumer spending might go up, but where do we get money to attack this deficit?  The fact that we haven't been raising revenue over the past 12 years is part of what has us in a big budget hole now. 

Raising taxes without cuts in entitlements or other programs is never a good plan.  However, implementing draconian cuts that affect the middle class or poor without raising taxes is not a good plan either since those affected no longer have money to spend.  We need a mix of both--tax increases and spending cuts, but unfortunately neither candidate nor our Congress seem willing to compromise.

Quoting DSamuels:

And Obama hasn't exactly been forthcoming About where all the money to pay for obamacare will come from, or how much it will cost each family. There will be subsidies to help families pay, but no figures on income limits, premium costs, it's ALL speculation.

When you cut loopholes and lower tax rates, revenue goes UP. It's been proven in the past.


Quoting LIMom1105:

 


Quoting gsprofval:


This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.


obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.


Which plan is better?  That answer is a no-brainer--Romney, of course.


Where does Romney's plan encourage company's to hire? 


And yes Romney plans to offer tax cuts, but unless you are earning top dollar, you will probably not see them.  Instead you may see the end of deductions (like the mortgage deduction most middle class earners really need), so in essence, his plan may be equal to a tax hike on the middle class.  He has been vague about the specifics as to where he will obtain revenue with all his cuts. 



 


gsprofval
by Gold Member on Sep. 15, 2012 at 12:00 PM
1 mom liked this

Romney doesn't plan to tax all working Americans to death like obama plans to do. Romney's plan won't put everyone on the government dole, either.  

Romney won't close the plants that make electricity, and certainly Romney will work to get rid of unnecessary government to help cut the deficit. Romney will also let capitalism work on it's own.

Do you realize that thousands of people have been hired by the obama regime just to get those of us who don't pay for obama care? Yes, those people are already hired and getting paid by the government years before any thing goes into action. Get ready for your tax refunds to disappear into obamacare's pockets and to have healthcare severely rationed under his plan. Oh, and for many people to be put in jail because they don't believe in obama care.

That alone we know is not under Romney's plan which is a very good thing.

Quoting LIMom1105:

 

Quoting gsprofval:

This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.

obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.

Which plan is better?  That answer is a no-brainer--Romney, of course.

Where does Romney's plan encourage company's to hire? 

And yes Romney plans to offer tax cuts, but unless you are earning top dollar, you will probably not see them.  Instead you may see the end of deductions (like the mortgage deduction most middle class earners really need), so in essence, his plan may be equal to a tax hike on the middle class.  He has been vague about the specifics as to where he will obtain revenue with all his cuts. 


 


LIMom1105
by on Sep. 15, 2012 at 12:19 PM

Where do you get the idea that everyone is on the govt. dole which I take to mean unemployment, food stamps and welfare?  I'm not, and I know very few people who are.  Many of those who are accepting said benefits may actually need them if they lost their jobs, not accepting them because they are lazy people who expected handouts from Obama. 

On the contrary, I don't see much in Romney's plan that would help anyone other than top earners.  As I noted earlier, he is vague as to which loopholes he will close, which makes me believe that they are either loopholes that are very popular with middle income people (and may cost him votes), or he doesn't know.  I don't think the man is clueless, so I'm assuming the former.

As for myself, I do think national healthcare is an important goal.  Does it matter at all to you that we are one of the only developed nations in the world that doesn't provide it in some capacity?  Guess not, as long as your health needs are met, it's fine with you.  Romney has been vague here too--he was going to repeal the ACA on day 1, but now he is saying he would like to keep coverage for those with pre-existing conditions, though he had no plan as to how he would pay for this.  Then the next day, he wasn't for it anymore.

Capitalism was working on it's own when the whole mortgage crisis unfurled.  Banks were making crazy, speculative moves that should have been checked.  Capitalism run amuk has not been a good thing historically.  That's why we do need some checks in place.

Quoting gsprofval:

Romney doesn't plan to tax all working Americans to death like obama plans to do. Romney's plan won't put everyone on the government dole, either.  

Romney won't close the plants that make electricity, and certainly Romney will work to get rid of unnecessary government to help cut the deficit. Romney will also let capitalism work on it's own.

Do you realize that thousands of people have been hired by the obama regime just to get those of us who don't pay for obama care? Yes, those people are already hired and getting paid by the government years before any thing goes into action. Get ready for your tax refunds to disappear into obamacare's pockets and to have healthcare severely rationed under his plan. Oh, and for many people to be put in jail because they don't believe in obama care.

That alone we know is not under Romney's plan which is a very good thing.

Quoting LIMom1105:

 

Quoting gsprofval:

This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.

obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.

Which plan is better?  That answer is a no-brainer--Romney, of course.

Where does Romney's plan encourage company's to hire? 

And yes Romney plans to offer tax cuts, but unless you are earning top dollar, you will probably not see them.  Instead you may see the end of deductions (like the mortgage deduction most middle class earners really need), so in essence, his plan may be equal to a tax hike on the middle class.  He has been vague about the specifics as to where he will obtain revenue with all his cuts. 


 

 


itsmesteph11
by Silver Member on Sep. 15, 2012 at 12:33 PM

 

Quoting LIMom1105:

 

Quoting gsprofval:

This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.

obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.

Which plan is better?  That answer is a no-brainer--Romney, of course.

Where does Romney's plan encourage company's to hire? 

And yes Romney plans to offer tax cuts, but unless you are earning top dollar, you will probably not see them.  Instead you may see the end of deductions (like the mortgage deduction most middle class earners really need), so in essence, his plan may be equal to a tax hike on the middle class.  He has been vague about the specifics as to where he will obtain revenue with all his cuts. 


 

 First, most Americans who are able to have homes, save the ones who paid millions for it don't use the deduction for home interest since it's not usually more than the standard deduction.  Even more so in the future since rates are so low. You can only take one or the other.

Second, the R/R plan raises that standard deduction to make up for any loss of government goodies.  So save your breathe and stop spouting things you don't know about.

7SportsMom7
by Bronze Member on Sep. 15, 2012 at 12:47 PM
3 moms liked this

I have friends who own businesses and they truly are waiting for the economic policies to change before they start spending and hiring again.  I know those who believe the government solves everything don't like to hear this and then even tend to blame business owners for our troubles but the reatlity is, business owners are have no incentive to support an Administration that says "you didn't build that".  It's disheartening.  

Quoting LIMom1105:


Quoting gsprofval:

This isn't surprising at all. obama plans to tax us to death and put all of us under his government control.

obama doesn't like it that Romney's plan will NOT cost us more in taxes and healthcare AND would even allow businesses to finally HIRE people to get them off government assistance.

Which plan is better?  That answer is a no-brainer--Romney, of course.

Where does Romney's plan encourage company's to hire? 

And yes Romney plans to offer tax cuts, but unless you are earning top dollar, you will probably not see them.  Instead you may see the end of deductions (like the mortgage deduction most middle class earners really need), so in essence, his plan may be equal to a tax hike on the middle class.  He has been vague about the specifics as to where he will obtain revenue with all his cuts. 


 


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