Romney went on 60 minutes this Sunday. I tried to break it down for you.
Regarding his tax plan – Romney says he’s really not cutting taxes for anyone. He says the middle class may get ” a little break” on their taxes but the rich won’t get a tax break even though the marginal rate would go from 35% to 28%. Romney says that he thinks capital gains taxes should be taxed at a lower rate than regular income because “it has already been taxed once sometimes as high as 35%”. But that’s total bullshit. He’s saying that corporations pay 35% on their taxes and then it flows through to individuals so why should individuals pay capital gains at a higher rate. Well – as we already know … corporations are not paying 35% – that’s just a lie. It’s a bold faced lie.
In most cases … corporations pay below 10% but sometimes 20% depending on the industry. We just wrote about the tax avoidance schemes used by corporations to avoid paying their taxes (source). And Romney is the KING of setting up corporations in offshore tax havens using blocker corporations to prevent paying taxes … so that when it flows through to the individual – the money that was taxed to the corporation was usually very little … so by the time it flows to the individuals … they get all the money. It’s a scam and he knows it but look at how confident he is when he says it. That’s because he’s a pathological liar.
Then Romney says he is for reducing taxes on corporations (so am I by the way) but that he would eliminate tax deductions and corporate loopholes. Except – there is one little problem … not only did Bain Capital lobby for many of these loopholes when he was CEO that allow corporations and private equity guys to avoid paying their full tax bill … but Romney himself has said he wasn’t willing to eliminate one of the key loopholes that he himself has profited from the most – the carried interest rule.
Like we shared HERE – Romney would not take a position on eliminating the carried interest loophole which allows him to pay taxes at a 15% rate instead of 35%. This is the Romney loophole.
And as for loopholes – Romney supports giving corporations tax amnesty on their offshore income which is being held overseas due specifically to loopholes that have been abused in the tax code. Romney will not say what loopholes he wants to eliminate, because he’s the most vague presidential candidate in history. If you want to learn more about the tax amnesty that Republicans are pushing for and Romney would sign – go HERE. His VP candidate – Paul Ryan would rather see student tuition go up than to remove corporate tax loopholes (source) and Romney would have us believe he disagrees with conservative wonderboy Paul Ryan? I don’t think so. You can’t fool all of the people all of the time Romney.
When he was asked about the tax deductions that he would eliminate for individuals … his answer is that that is something he’ll work out with Congress. The problem is – his math is IMPOSSIBLE no matter what he says. Romney would have us believe that his plan works but he won’t tell us what plan he even prefers. When George Will challenges him on this (source), Fox News challenges him on this (source), and Politifact says his claim that five studies show his tax plan will bring in the same revenues without raising taxes on the middle class is “mostly false” (source) … that is what it looks like when truth hits you directly in the face with a sledgehammer. An independent study of Romney’s plan shows that Romney’s math is literally IMPOSSIBLE HERE.
When Romney is asked what he would do to cut spending …
#1 – He’d get rid of Obamacare which would actually increase the deficit immediately (source) and it would cut 8 years off the life of Medicare putting it insolvent in 2016 (source). In addition to making Medicare insolvent … it would increase premiums on seniors IMMEDIATELY (source).
#2 – He then says his solution is to give block grants on unnamed programs to the states. In other words – the federal government will give out X amount of dollars. If people in need happen to need more than what the federal government is willing to give (and it will give less than inflation every year) then too bad, so sad. Your problem. I’ve written all about “block grants” HERE. That’s what turning the cold shoulder on the poor looks like. Those poor people tend to be children, the disabled and the elderly by the way. Stop thinking like a victim looking for a handout grandpa.
When he is asked about what programs he would cut – he says Medicaid, housing vouchers and food stamps. He’s going to block grant those. He says states will be able to pick their own programs to solve the problem but it still comes down to … I’m giving you X dollars … you need more? Fuck you. That’s the Romney plan and notice – they all affect the poor.
#3 – He’s going to “cut back on the size of government itself” but he won’t say what specifically.
#4 – Romney was asked about Medicare. He says that he doesn’t want any change to Medicare for current seniors but as I’ve noted before – repealing Obamacare would drastically hurt Medicare immediately. He then says Obama took $700 billion from Medicare; Politifact has already called that “mostly false” HERE. He is then asked about why Paul Ryan’s plan cuts $700 billion from Medicare … he says – “Yeah <Ryan> was going to put that money into reducing the deficit. I’m putting it back into Medicare.”
Except – just a month ago – Romney was quoted as saying “Actually Paul Ryan and my plan for Medicare I think is the same.” (source). Romney’s problem is that he hasn’t put out a plan … so once again – without specifics he is just trying to wing this thing. He’s promising that everyone wins and nobody has to pay for it … YIPPEE! It’s a god damn miracle. Except – it’s all a lie.
Now he’s saying he’s going to give MORE benefits for low income people on Medicare and lower benefits for high income people; in other words – he wants to make it a welfare program. And we know what happens when conservatives think of something as a welfare program … just ask Medicaid recipients. But – to this day – no actual plan has been presented. No #’s. No facts. Just his constantly changing position in interviews.
He is then asked about how his plan works and he acknowledges that future seniors will get a voucher. He calls it “having a choice”. But in reality – here’s what that choice looks like. When you run out of vouchers – the choice is … should I eat or should I pay for my prescriptions. Should I eat or should I go to the dr. That’s what happens to Medicare under the Romney plan. It’s vouchers for seniors. And he is absolutely for adding a private plan which would only further bankrupt the Medicare program as we found under Bush. And we know that fees out of pocket under Romney’s Medicare plan would increase by up to $6,000 a year (source); in other words – seniors pay more.
#5 – He is asked about Social Security. He says no change for current seniors but for future seniors … he wants to apply means testing.
#6 – He is asked point blank – what are you asking the people to sacrifice specifically when it comes to balancing the budget. He doesn’t give a real answer and there is no follow up on the question. He has yet to name a program he would cut that I have heard. He always says it comes down to Congress.
He then tries to show how knowledgeable he is on foreign policy and it plays well; he’s been prepping so he’s getting better on his foreign policy knowledge. He hits Obama for not meeting with Israeli PM Netanyahu because Romney is Netanyahu’s lapdog after all.
Like us on Facebook?