Category Archives: Taxes

Taxes

AT&T handing out $200 million plus in bonuses because of GOP tax cut, Corporate tax rates cut to 21% from 35%,  Invest additional $1 billion in the US in 2018

AT&T handing out $200 million plus in bonuses because of GOP tax cut, Corporate tax rates cut to 21% from 35%,  Invest additional $1 billion in the US in 2018

“The truth is, raising the minimum wage could be just about the worst thing he could do for the jobs market. We are already 7 million jobs in the hole, 7 million fewer jobs than when the President took office. Raising the minimum wage means employers whose businesses are struggling will simply get rid of jobs. They will cut workers. According to the Heritage Foundation, the last minimum wage increase eliminated 300,000 jobs”…Gerri Willis Fox News February 13, 2013

“One of the CBO’s most intriguing estimates is that by 2017 there will be 2 million fewer full-time jobs on the market than there would have been without Obamacare, and that figure could climb to 2.5 million by 2024.”…Market Watch February 4, 2014

“Businesses do not pay for taxes and minimum wage hikes, employees and consumers do”…Citizen Wells

 

From Business Insider.

“AT&T is handing out more than $200 million in special bonuses because of the GOP tax cut”

“AT&T says it will pay a $1,000 bonus to more than 200,000 US employees after the GOP tax bill is enacted — an announcement sure to please Republican lawmakers who have been pitching corporate tax cuts as a boost for American workers.

The bill, which Congress passed this week, reduces the corporate tax rate to 21% from 35% while allowing a one-time repatriation of overseas cash. Companies are mostly expected to buy back stock or pay down debt with their savings.

Still, AT&T was quick to announce its plan after the House voted to pass the bill on Wednesday.

“Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T US employees — all union-represented, non-management and front-line managers,” the company said in a press release. “If the president signs the bill before Christmas, employees will receive the bonus over the holidays.”

At an event at the White House on Wednesday afternoon, President Donald Trump called AT&T’s plan “pretty good.”

Last month, Stephenson blasted the Department of Justice over its plans to sue to block his company’s $84.5 billion takeover of Time Warner. At the time, Stephenson called the lawsuit “unprecedented” and said it “defies logic.”

Throughout his presidential campaign, Trump blasted the AT&T-Time Warner merger, saying, “Deals like this destroy democracy.” More recently, the president said he “always felt that was a deal that’s not good for the country.””

Read more:

http://www.businessinsider.com/trump-gop-tax-reform-bill-att-announces-huge-bonuses-for-employees-2017-12

 

More here:

https://citizenwells.com/

http://citizenwells.net/

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Obama lies on Obamacare proven, California health insurance premiums increase 64 to 146 percent, Like your health insurance?, Job cuts new taxes increased costs, Affordable health care act???

Obama lies on Obamacare proven, California health insurance premiums increase 64 to 146 percent, Like your health insurance?, Job cuts new taxes increased costs, Affordable health care act???

“If you like your health care plan, you’ll be able to keep your health care plan.”…Barack Obama

“The Patient Protection and Affordable Care Act (PPACA)[1] imposes numerous tax hikes that transfer more than $500 billion over 10 years—and more in the future—from hardworking American families and businesses to Congress for spending on new entitlements and subsidies. In addition, higher tax rates on working and investing will discourage economic growth both now and in the future, further lowering the standard of living.”…Heritage Foundation

“Can we stop calling ObamaCare the Affordable Care Act now?”…Guilford College student

Obama lies on Obamacare have now been proven.

Why would anyone be surprised?

Some of Obama’s lies on Obamacare include:

Obamacare is not a tax.

Obamacare will keep health care costs down.

Obama is creating jobs.

You can keep your existing health care coverage.

From Forbes May 30, 2013.
“Rate Shock: In California, Obamacare To Increase Individual Health Insurance Premiums By 64-146%”

“One of the most serious flaws with Obamacare is that its blizzard of regulations and mandates drives up the cost of insurance for people who buy it on their own. This problem will be especially acute when the law’s main provisions kick in on January 1, 2014, leading many to worry about health insurance “rate shock.”

Last week, the state of California claimed that its version of Obamacare’s health insurance exchange would actually reduce premiums. “These rates are way below the worst-case gloom-and-doom scenarios we have heard,” boasted Peter Lee, executive director of the California exchange.

But the data that Lee released tells a different story: Obamacare, in fact, will increase individual-market premiums in California by as much as 146 percent.

Lee’s claims that there won’t be rate shock in California were repeated uncritically in some quarters. “Despite the political naysayers,” writes my Forbes colleague Rick Ungar, “the healthcare exchange concept appears to be working very well indeed in states like California.” A bit more analysis would have prevented Rick from falling for California’s sleight-of-hand.

Here’s what happened. Last week, Covered California—the name for the state’s Obamacare-compatible insurance exchange—released the rates that Californians will have to pay to enroll in the exchange.

“The rates submitted to Covered California for the 2014 individual market,” the state said in a press release, “ranged from two percent above to 29 percent below the 2013 average premium for small employer plans in California’s most populous regions.”

That’s the sentence that led to all of the triumphant commentary from the left. “This is a home run for consumers in every region of California,” exulted Peter Lee.

Except that Lee was making a misleading comparison. He was comparing apples—the plans that Californians buy today for themselves in a robust individual market—and oranges—the highly regulated plans that small employers purchase for their workers as a group. The difference is critical.

Obamacare to double individual-market premiums

If you’re a 25 year old male non-smoker, buying insurance for yourself, the cheapest plan on Obamacare’s exchanges is the catastrophic plan, which costs an average of $184 a month. (That’s the median monthly premium across California’s 19 insurance rating regions.)

The next cheapest plan, the “bronze” comprehensive plan, costs $205 a month. But in 2013, on eHealthInsurance.com (NASDAQ:EHTH), the average cost of the five cheapest plans was only $92.

In other words, for the average 25-year-old male non-smoking Californian, Obamacare will drive premiums up by between 100 and 123 percent.

Under Obamacare, only people under the age of 30 can participate in the slightly cheaper catastrophic plan. So if you’re 40, your cheapest option is the bronze plan. In California, the median price of a bronze plan for a 40-year-old male non-smoker will be $261.

But on eHealthInsurance, the average cost of the five cheapest plans was $121. That is, Obamacare will increase individual-market premiums by an average of 116 percent.

For both 25-year-olds and 40-year-olds, then, Californians under Obamacare who buy insurance for themselves will see their insurance premiums double.”

Read more:

http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-california-obamacare-to-increase-individual-insurance-premiums-by-64-146/

From the Greensboro News Record May 30, 2013.

“Like your health care policy? Affordable Care Act may change it”

“Many people who buy their own health insurance could get surprises in the mail this fall: cancellation notices because their current policies aren’t up to the basic standards of President Barack Obama’s health care law.

They, and some small businesses, will have to find replacement plans – and that has some state insurance officials worried about consumer confusion.

Rollout of the Affordable Care Act is going full speed ahead, despite repeal efforts by congressional Republicans. New insurance markets called exchanges are to open in every state this fall. Middle-class consumers who don’t get coverage on the job will be able to pick private health plans, while low-income people will be steered to an expanded version of Medicaid in states that accept it.

The goal is to cover most of the nation’s nearly 50 million uninsured, but even Obama says there will be bumps in the road. And discontinued insurance plans could be another bump.

Also, it doesn’t seem to square with one of the president’s best known promises about his health care overhaul: “If you like your health care plan, you’ll be able to keep your health care plan.””

“”You’re going to be forcibly upgraded,” said Bob Laszewski, a health care industry consultant. “It’s like showing up at the airline counter and being told, `You have no choice, $300 please. You’re getting a first-class ticket, why are you complaining?'”

Obama’s promise dates back to June of 2009, when Congress was starting to grapple with overhauling the health care system to cover uninsured Americans. Later that summer, public anxieties about changes would erupt at dozens of angry congressional town hall meetings with constituents.

“If you like your health care plan, you’ll be able to keep your health care plan, period,” the president reassured the American Medical Association. “No one will take it away, no matter what.””

Read more:

http://www.news-record.com/news/local_news/article_9db16c44-c8b2-11e2-bc17-001a4bcf6878.html

From Citizen Wells November 25, 2012.

Wake Forest declined an interview request for this article. But it has said in other accounts that the roughly 6 percent staff cut is a pre-emptive measure for expected budget cuts and rising costs. And it expects remaining workers will become more productive as a result.

That’s a delicate balance, said Mark Graban, a national expert and consultant on health care management who lives in San Antonio, Texas.

“It’s easy to add up the cost savings of reduced payroll,” he said. “But it’s hard to add up the side effect of those layoffs.”

He said layoffs are sweeping the industry. Graban referred to a report from the American Hospital Association that says hospitals will cut 93,000 jobs during 2013.

Read more:

https://citizenwells.wordpress.com/2012/11/25/obamacare-forces-93000-hospital-job-cuts-in-2013-nc-hospitals-costs-up-7-5-billion-the-next-10-years-medicare-and-medicaid-reimbursements-mass-layoffs/

 

Thanks to commenter RMinNC.

France 75 percent tax on rich proposed by President Francois Hollande, Businesses that pay salaries over 1 million euros, French actor Gerard Depardieu left France

France 75 percent tax on rich proposed by President Francois Hollande, Businesses that pay salaries over 1 million euros, French actor Gerard Depardieu left France

A tax increase to a company results in some combination of the following:

Product and service price increases.
Employee and hours cutbacks.
Reduced hiring.”…Citizen Wells

“Nearly every empirical study of taxes and economic growth published in a peer reviewed journal finds that tax increases harm economic growth,”…William McBride, Tax Foundation

“…and Socialist governments traditionally do make a financial mess. They [socialists] always run out of other people’s money. It’s quite a characteristic of them.”…Margaret Thatcher

 

From CNN Money March 29, 2013.

“France’s Hollande wants 75% payroll tax on rich”
“French President Francois Hollande made changes to his failed proposal for a 75% top tax rate on Thursday, shifting the burden of payment from individuals to businesses that pay salaries over 1 million euros.

Hollande, during last year’s presidential campaign, proposed a 75% tax rate on individual income above 1 million euros. The controversial tax was rejected by France’s judiciary.

Hollande made his new payroll tax proposal on big salaries during a late-night television broadcast. “The Constitutional Council made a decision,” Hollande said. “I respect it. So, I’m going to take a different path.”
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Hollande said the measure is needed to ensure transparency at large corporations — the only businesses that can afford to pay employees so generously.

His initial proposal, which never became law, inspired French actor Gerard Depardieu to abandon the country, instead adopting Russian citizenship and moving to Belgium.”

Read more:

http://money.cnn.com/2013/03/29/news/economy/france-tax-hollande/

Higher Tax Rates Will Sabotage Economic Growth, Tax Foundation study, December 18, 2012, Raising taxes has negative effects on revenue collection

Higher Tax Rates Will Sabotage Economic Growth, Tax Foundation study, December 18, 2012, Raising taxes has negative effects on revenue collection

A tax increase to a company results in some combination of the following:
Product and service price increases.
Employee and hours cutbacks.
Reduced hiring.”…Citizen Wells

“I absolutely reject that notion [mandate is a tax].”…Barack Obama

Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

From The Tax Foundation December 18, 2012.

“Higher Tax Rates Will Sabotage Economic Growth”

“High tax rates lead to lower economic growth, and high rates on personal and corporate income are especially damaging, according to a new study by the Tax Foundation. A review of 26 academic studies over the last 30 years confirms that lower-tax economies are more productive and that raising taxes has negative dynamic effects on revenue collection.

“Nearly every empirical study of taxes and economic growth published in a peer reviewed journal finds that tax increases harm economic growth,” said Tax Foundation chief economist William McBride.

The consensus among experts is that taxes on corporate and personal income are particularly harmful to economic growth, with consumption and property taxes less so. This is because economic growth ultimately comes from production, innovation, and risk-taking. By these standards, the U.S. has probably the most inefficient tax mix in the developed world.

The U.S. also has the highest corporate tax rate in the industrialized world. If that rate were to come down 10 points – still higher than most of our trading partners – it would add 1 to 2 points to GDP growth, and likely not lose revenue because the tax base would expand from in-flows of foreign capital as well increased domestic job growth and investment.

Rather than moving to lower rates, however, we are facing a fiscal cliff that would give us the highest dividend rate and nearly the highest capital gains rate in the industrialized world.  It would also push the combined top marginal rate on personal income to over 50 percent in some states, such as California, Hawaii, and New York – higher than all but a few of our trading partners.

Such steeply progressive taxation reduces productivity and economic growth.  Further, the U.S. is unique in that a majority of businesses and business income is taxed under these progressive individual rates, e.g. businesses such as sole-proprietors, partnerships, and S-corporations. All of these factors are a drag on the economy, slowing the nascent recovery and preventing a return to full employment.”

http://taxfoundation.org/article/higher-tax-rates-will-sabotage-economic-growth

Obama tax plan creates massive job losses, Hundreds of thousands of jobs disappearing, Ernst & Young report, CBO, House Ways & Means Committee Chairman Dave Camp

Obama tax plan creates massive job losses, Hundreds of thousands of jobs disappearing, Ernst & Young report, CBO, House Ways & Means Committee Chairman Dave Camp

“…and Socialist governments traditionally do make a financial mess. They [socialists] always run out of other people’s money. It’s quite a characteristic of them.”…Margaret Thatcher

“I absolutely reject that notion [mandate is a tax].”…Barack Obama

“Recently, Obama has been re-elected for a 2nd term by an illiterate society and he is ready to continue his lies of less taxes while he raises them.”…Pravda November 19, 2012

 

From the Examiner December 2, 2012.

“Fiscal cliff: Obama tax and spend plan unbalanced, says top lawmaker”

“While President Barack Obama complained about Republicans during his Pennsylvania visit on Friday and made another political campaign-style pitch to raise taxes by $1.6 trillion, he failed to put forward a “balanced” plan that includes significant spending reductions to deal with the so-called fiscal cliff, according to a top member of the House Ways & Means Committee on Saturday.

The President’s continued focus on increasing tax rates is fast turning the fiscal cliff into a jobs cliff. In fact, manufacturers across the country are warning Americans that the President’s tax increases will cost American jobs. And these employers aren’t alone.

According to the non-partisan Joint Committee on Taxation, nearly one million small businesses and more than half of all small business income earned will be impacted by the President’s tax rate hikes.

Knowing that higher tax rates mean less money for investment and hiring, it is no wonder that both the accounting firm of Ernst & Young and the non-partisan Congressional Budget Office confirm that raising any tax rate will result in hundreds of thousands of jobs disappearing.

The Ernst & Young report is more proof that the President doesn’t understand the economy or what it takes to create jobs in this country. After more than three years of high unemployment, slow growth and record levels of stimulus spending, the Obama Administration appears ready and willing to further derail the U.S. economic recovery by raising taxes on small businesses, according to House Ways & Means Committee Chairman Dave Camp (R-MI).

“We need these employers and investors creating more paychecks, not paying more taxes. Rather than double down on tax hikes that will make it harder to get America back to work, it is time to stop the tax hike – for all taxpayers – and move forward with comprehensive tax reform that will provide the certainty these entrepreneurs need,” Camp said.

Throughout his tenure in the House, according to Camp staff member Michelle Dimarob, he has worked with lawmakers from both sides of the aisle to advocate for lower tax rates for American families and employers, a long term overhaul and simplification of the U.S. tax code, and trade policies that expand American exports while ensuring American workers are protected.

Camp authored the House GOP alternative to the Democrats’ health care law, the only health care legislation scored by the Congressional Budget Office to lower the cost of health insurance premiums for Americans, according to staffer Sarah Swinehart.”

http://www.examiner.com/article/fiscal-cliff-obama-tax-and-spend-plan-unbalanced-says-top-lawmaker

From the Ernst & Young report.

“Long-run macroeconomic impact of increasing tax rates on high-income taxpayers in 2013”

“This report uses the EY General Equilibrium Model of the US Economy to examine the impact of the increase in the top tax rates in the long-run. While a recent Congressional Budget Office (CBO) report examined the near-term effects of all of the federal government fiscal policies under scrutiny at the end of 2012 and found them to be of sufficient size to push the economy into recession at the beginning of 2013, this report focuses on the long-run effects of the increase in the top tax rates. This report examines four sets of provisions that will increase the top tax rates:
 The increase in the top two tax rates from 33% to 36% and 35% to 39.6%.
 The reinstatement of the limitation on itemized deductions for high-income taxpayers (the “Pease” provision).
 The taxation of dividends as ordinary income and at a top income tax rate of 39.6% and increase in the top tax rate applied to capital gains to 20%.
 The increase in the 2.9% Medicare tax to 3.8% for high-income taxpayers and the application of the new 3.8 percent tax on investment income including flow-through business income, interest, dividends and capital gains.
With the combination of these tax changes at the beginning of 2013 the top tax rate on ordinary income will rise from 35% in 2012 to 40.9%, the top tax rate on dividends will rise from 15% to 44.7% and the top tax rate on capital gains will rise from 15% to 24.7%.
These higher tax rates result in a significant increase in the average marginal tax rates (AMTR) on business, wage, and investment income, as well as the marginal effective tax rate (METR) on new business investment. This report finds that the AMTR increases significantly for wages (5.0%), flow-through business income (6.4%), interest (16.5%), dividends (157.1%) and capital gains (39.3%). The METR on new business investment increases by 15.8% for the corporate sector and 15.6% for flow-through businesses.
This report finds that these higher marginal tax rates result in a smaller economy, fewer jobs, less investment, and lower wages. Specifically, this report finds that the higher tax rates will have significant adverse economic effects in the long-run: lowering output, employment, investment, the capital stock, and real after-tax wages when the resulting revenue is used to finance additional government spending.”

http://waysandmeans.house.gov/uploadedfiles/ey_study_long-run_macroeconomic_impact_of_increasing_tax_rates_on_high_income_taxpayers_in_2013__2012_07_16_final.pdf

Small Business hiring plans plunge, September another month of low expectations and pessimism, Rising health care and energy costs, Federal taxes

Small Business hiring plans plunge, September another month of low expectations and pessimism, Rising health care and energy costs, Federal taxes

“With a 63.7% labor force participation, “conditions in the labor market are considerably worse than indicated” in July’s report”…economist Joshua Shapiro, WSJ August 3, 2012

“Since the Democrats took control of both houses of congress in January 2007, the number of people who could only find part time work has gone up 215 percent”…Citizen Wells

“Student health care costs have doubled, tripled and in some cases increased over 1000% in 2012. Premiums for employer provided family coverage rose $2,370 since 2009, Obamacare penalties to hospitals will average $125,000 per facility in 2013 and gasoline has risen over $2 per gallon since Obama took office.”…Citizen Wells

From the National Federation of Independent Business October Survey.

“Hiring Plans Plunge: Small Business Optimism Drops 0.1

Expectations for the Future Remain Low

September was another month of low expectations and pessimism for the small-business community, with the NFIB Small Business Optimism Index losing 0.1 points and falling to 92.8. The recession-level reading was pulled down by a deterioration in labor market indicators, with job creation plans plunging 6 points, job openings falling one point and more firms reporting decreases in employment than those reporting increases in employment. Since the commencement of NFIB’s monthly surveys in 1986, the Index has been below 93.0 a total of 56 times; 32 of which have occurred since the recovery began in June 2009.”

DOWNLOAD THE REPORT   READ THE PRESS RELEASE

Small business optimism index

“Highlights

  • Capital Expenditures: Small-business owners are still in “maintenance mode,” with the frequency of reported capital outlays over the past six months falling 4 points to 51 percent. Of those making expenditures, 34 percent reported spending on new equipment (down 7 points from the previous month), 16 percent acquired vehicles (down 5 points), and 14 percent improved or expanded facilities (unchanged). Four (4) percent of owners acquired new buildings or land for expansion (down 2 points) and 12 percent spent money for new fixtures and furniture (unchanged). Overall, there was a substantial reduction in capital spending activity. The percent of owners planning capital outlays in the next three to six months fell 3 points to 21 percent. While the number of owners who characterized the current period as a good time to expand facilities went up 3 points (seasonally adjusted) to seven percent, this is only half of the 14 percent of owners who said the same in September 2007. The net percent of owners expecting better business conditions in six months rose 4 points to two percent after posting a 6 point improvement last month, albeit still registering a pessimistic collective view. Not seasonally adjusted, 15 percent expect an improvement in business conditions (up 1 point), and 20 percent expect deterioration (down 4 points). A net one percent of all owners expect improved real sales volumes.
  • Sales: Weak sales continue to be an albatross for the small-business community. The net percent of all owners (seasonally adjusted) reporting higher nominal sales over the past three months was unchanged at a negative 13 percent, cementing the 17 point decline since April and affirming weak GDP growth for the second quarter. Twenty-one (21) percent still cite weak sales as their top business problem—historically high, but down from the record 34 percent reached in March 2010. Seasonally unadjusted, 23 percent of all owners reported higher sales (last three months compared to prior three months, down 1 point) and 30 percent reported lower sales (up 1 point). Consumer spending remains weak and high energy costs continue to “tax” consumer disposable income. The net percent of owners expecting higher real sales was unchanged at one percent of all owners (seasonally adjusted), down 11 points from the year high of net 12 percent in February. The weak reading is unlikely to trigger orders for new inventory or business expansion. Not seasonally adjusted, 24 percent expect improvement over the next three months (down 4 points) and 31 percent expect declines (up 3 points).
  • Job Creation: Job creation plans showed that small-business owners created fewer jobs in September than in the two previous months. Not seasonally adjusted, 10 percent plan to increase employment at their firm (down 3 points), and 11 percent plan reductions (up 2 points). Seasonally adjusted, the net percent of owners planning to create new jobs fell 6 points to four percent, a historically weak reading, especially in a recovery. Essentially, hiring is keeping up with population growth, but not exceeding it. Seasonally adjusted, 10 percent of the owners reported adding an average of 2.2 workers per firm over the past few months, and 13 percent reduced employment an average of 3 workers. The remaining 77 percent of owners made no net change in employment. Fifty-one (51) percent of the owners hired or tried to hire in the last three months and 41 percent (80 percent of those trying to hire or hiring) reported few or no qualified applicants for open positions. The percent of owners reporting hard to fill job openings fell 1 point to 17 percent of all owners. The only region of the country that saw any positive job growth was the West North Central states, largely because of energy production. “

“Consumer spending has barely advanced this year, and consequently so has job creation. Employment is still 4 million lower than it was in the first quarter of 2008 (first quarter). The population grows about 1% annually. A few more jobs are needed to take care of that, and that seems to be about all we are getting. The percent of owners reporting hard to fill job openings fell 1 point to 17% of all owners, no help for a lower unemployment rate. Seasonally adjusted, the net percent of owners planning to create new jobs fell 6 points to 4%, a historically weak reading, especially in a recovery. Owners remained pessimistic about the future in September and consequently hiring plans remain weak. Reported job creation for the past few months was negative. More workers let go than hired, signaling a weak BLS jobs report for September, around 100,000 new jobs overall.”

“Uncertainty has cast a cloud over the future for small business owners, making it difficult to make commitments to new spending and hiring. In a recently released NFIB Problems and Priorities survey, owners rated the severity of 75 business issues. Uncertainty about the economy ranked second while uncertainty about government policy ranked fourth. For perspective, securing long term funding was 56th and finding qualified workers 32nd. With a 50/50 election, according to the polls, and very different sets of policies that might be put in place, owners are unwilling to put their own capital on the line until the future path of the economy and economic policy becomes clearer.

MOST IMPORTANT PROBLEM: 2012
1.  Rising Cost of Health Care Insurance
2.  Uncertainty over Economic Conditions
3.  Energy Costs
4.  Uncertainty over Government Actions
5.  Unreasonable Government Regulations
6.  Federal Taxes on Business Income
7.  Tax Complexity
8.  Frequent Changes in Federal Tax Laws and Rules
9.  Property Taxes
10. State Taxes on Business Income”

Read more:

http://www.nfib.com/research-foundation/surveys/small-business-economic-trends

 

Princeton professor Harvey Rosen Obama misrepresents study of Romney tax plan, Romney plan can be revenue neutral, More Obama lies exposed

Princeton professor Harvey Rosen Obama misrepresents study of Romney tax plan, Romney plan can be revenue neutral, More Obama lies exposed

“It is time for the Obama campaign to retire this talking point, no matter how much it seems to resonate with voters. The financial crisis of 2008 stemmed from a variety of complex factors, in particular the bubble in housing prices and the rise of exotic financial instruments. Deregulation was certainly an important factor, but as the government commission concluded, the blame for that lies across administrations, not just in the last Republican one.
In any case, the Bush tax cuts belong at the bottom of the list — if at all. Moreover, it is rather strange for the campaign to cite as its source an article that, according to the author, does not support this assertion.”…Washington Post October 1, 2012

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it”…Joseph Goebbels

“Propaganda must not serve the truth, especially not insofar
as it might bring out something favorable for the opponent.”
Adolf Hitler

From the Weekly Standard October 8, 2012.

“Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney’s Tax Plan”

“Last night, the Obama campaign blasted out another email claiming that Mitt Romney’s tax plan would either require raising taxes on the middle class or blowing a hole in the deficit. “Even the studies that Romney has cited to claim his plan adds up still show he would need to raise middle-class taxes,” said the Obama campaign press release. “In fact, Harvard economist Martin Feldstein and Princeton economist Harvey Rosen both concede that paying for Romney’s tax cuts would require large tax increases on families making between $100,000 and $200,000.”

But that’s not true. Princeton professor Harvey Rosen tells THE WEEKLY STANDARD in an email that the Obama campaign is misrepresenting his paper on Romney’s tax plan:

I can’t tell exactly how the Obama campaign reached that characterization of my work.  It might be that they assume that Governor Romney wants to keep the taxes from the Affordable Care Act in place, despite the fact that the Governor has called for its complete repeal.  The main conclusion of my study is that  under plausible assumptions, a proposal along the lines suggested by Governor Romney can both be revenue neutral and keep the net tax burden on taxpayers with incomes above $200,000 about the same.  That is, an increase in the tax burden on lower and middle income individuals is not required in order to make the overall plan revenue neutral.

You can check the math that shows Romney’s plan is mathematically possible here.”

http://www.weeklystandard.com/blogs/princeton-economist-obama-campaign-misrepresenting-my-study-romneys-tax-plan_653917.html