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The $5 trillion tax-cut myth

"After 47 percent, the presidential campaign’s most incendiary number is $5 trillion. That’s the tax cut planned by Mitt Romney with most benefits going to the wealthy, according to President Obama and his campaign. The president has used the figure repeatedly, as have his surrogates and ads. In Wednesday’s debate, Romney vehemently denied that there ever was a $5 trillion tax cut for the rich. He’s right. The figure is a partisan construct that, somehow, has been given a pass by most of the media as one plausible version of the truth. It isn’t.


To justify its $5 trillion figure — the estimated tax loss over a decade — the Obama campaign had to cherry-pick Romney’s proposal and the TPC analysis. It had to ignore any revenue raised by reducing tax breaks and assume that, faced with a conflict between the rich and the middle class, Romney would automatically side with the rich — as opposed to shielding the middle class from any tax increase. On Wednesday, Romney promised to protect the middle class.

The TPC report was widely interpreted as saying Romney would have to raise taxes on the middle class. It didn’t, says the TPC’s Howard Gleckman. It simply pointed out that he couldn’t keep all “his ambitious campaign promises.” He’d have to make choices and modifications. So what else is new?"

The Obama campaign reminds me of Animal House.

Flounder: Will that work?
Otter: Hey, it's gotta work better than the truth.

If Obama gets re-elected, we all might need to take Bluto's advice.

Bluto: My advice to you is to start drinking heavily.
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It had to ignore any revenue raised by reducing tax breaks...

In lib-world it's impossible to raise revenue by reducing tax breaks. They simply refuse to believe it can be done. If you let a business keep more of the money they earn then the greedy jerk owners will pocket it. They won't hire more people. They won't buy more supplies/inventory/research/etc. They won't expand at all. They won't do more business. They certainly won't pay more taxes due to doing more business/expanding their business. Nope, they'll just pile the extra dough into a big vault and swim in it ala Scrooge McDuck (the greedy jerks won't even buy more stuff for themselves!)

Hey, it's the government's money after all, the businesses should be thankful they get to keep any of it! Just ask any liberal.
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