Oct. 16, 2012 The Great debate, Part Two of President Obama and challenger republican Mitt Romney will be this evening followed by former President Bill Clinton who did the math on the Romney tax plan.
The Facts are Proven from The History of US Debt and Surplus
Former President Bill Clinton’s two terms as President, were the only years the USA had a surplus economy in the past 30 years. The last time the country had a surplus was the very next year after Bush took over and he destroyed that surplus with two wars on a credit card.
Under republicans spending increased as a percentage of GDP and revenues declined with the Bush tax cuts for the wealthy, that’s what got us into this mess.
In 2009 Bush left the economy with the largest spending levels in 40 years!!
The lowest tax year was also under Bush in 2004 at 16.1% of GDP as he raised spending greatly.
Clinton points out that Mitt Romney’s plan to cut 5 trillion from revenues which actually raises the deficit by 5 trillion dollars!
This debt will increase by borrowing more money from China which continues the indebtedness while their economy grows quicker than the US economy.
The GOP campaign promise is to reduce the deficit – but actually they are raising more debt.
Bill Clinton states that Romney’s plan is an illusion, a shell game playing voters and playing conservatives like a fiddle, just as his flip flops have for two years.
After the last debate with the President, his campaign handlers walked back what he said during the debate, that he wasn’t going to cut taxes on upper income people -that he would cut taxes for the middle class. That is not true.
1) Romney said “we should deal with the debt by cutting taxes 5 trillion dollars more- that is an enormous cut in revenue. Without revenue a government goes broke, which means drastic, severe cuts for the middle class.
2) Romney also has not provided the answer to how he would pay for this cut.
3) Romney will cut taxes across the board to only 20% for the wealthy and for corporation taxes.
4) Romney’s plan removes taxes on large estate taxes, for billionaires and millionaires which the middle class can not take advantage of, meaning it favors the wealthy class only. The cutting of Estate taxes WILL help the rich.
5) Romney has said he would get rid of loopholes for corporations and for wealthy income Americans it will not make his numbers add up – Romney is short by 1 trillion dollars! Where will that come from, who will pay for his plan?
6) Romney’s plan gives a tax cut for high income earners with this equation as Clinton points out in his income bracket even with all of this:
a 20% income tax cut
Home mortgage deduction
state and local tax deduction
other tax deductions
Still leaves even Bill Clinton, himself – with an additional $250,000 tax cut.
The Romney Plan gives wealthy people who earn more than 3 Million dollars another $250,000 tax cut, while taxing the middle class more by taxing them an additional $2,000.00 more!!
This is on top of the Bush Tax cuts which under Obama will end on January 1st, 2013,
To top it all off, Romney has never stated “which loopholes, which tax cuts, and who’s going to come out on top” but we know that billionaires like Sheldon Adelson will score billions in tax refunds!! Billions.
As Clinton points out “we cannot continue to give tax cuts to the rich” while borrowing money from China to pay for them.
“It hasn’t worked before and it won’t work now”
Romney’s Tax Plan
Clinton on Romney’s Plans to Give the Wealthy Even More Tax Breaks
Romney Flip -Flopped on Abortion and Women’s Issues
Romney has also flipped many times, on every conceivable policy that he stood for 10 years ago, 5 years ago, 3 years ago and last year.
Romney has flipped from pro-life to pro-abortion, back to pro-life and now weeks before the election he is pro-abortion again. He also said he would repeal Roe. V. Wade and make abortions illegal as well as cutting funding for women’s health by defunding Planned Parenthood.