[quote]lanchefan1 wrote:
Interesting, it’s being pushed as the most “bipartisan” review of both sides yet. Looking at it from my eyes (not a tax guy) it was a good read on both, granted some of the math was iffy.[/quote]
I want to call TPC center-left, but I’m not going to go on record saying that. I’m a hammer right now and everything is a nail. Their data is sourced and accurate on history of taxes etc. I do link to the site, refer back to it, and generally think it is a perfectly fine source. So that said, even if their analysis my be a bit left, it isn’t an awful hack job either. I could find bones to pick with any tax analysis though, lol.
Here is the deal, IMO, about both tax plans: (it has been awhile since i’ve read the TPC reports so they may contradict me)
Obama: His biggest flaw is expecting “tax the rich” to carry the “common man” vote. Even if his plan raised 10 billion more a year (there aren’t that many people making 250K+ a year so I believe 10 billion is a high figure) That 10 billion funds the government for like 36 hours or some shit. It is an asinine approach.
If obama really wanted to push this “economic patriotism” he would do the whole 1% tax increase for every 3% cut in spending. But this has to be across all tax brackets. Everyone needs to have skin in the game. He would end up with a 5% tax increase and a 15% reduction in spending, and we’d be on our way to at least some semblance of fiscal responsibility.
99% of the time running on “tax increases for everyone” means you lose by landslides, but he is a rock star and could have sold the idea of “come together, love America, lets do this and be the next great generation”. (Assuming he wasn’t so divisive and arrogant)
Romney’s plan: 20% across the board cuts aren’t going to happen. I know that, the house knows that, Romney knows that, Obama knows that and so to the Dems in the Senate. But it is a great figure to run on. Because now he can negotiate down, a lot, and not break any promises, and still get cuts. The deductions bucket is also brilliant. Because it doesn’t make taxes any easier, and it won’t matter for most people assuming his bucket is in the 25k range. And, with the bucket no one lobby group can back obama in retaliation.
AMT isn’t going anywhere, but the 0% on interest, divs & LTCG for 200k or less is amazing for retired people.
One of the biggest difference between romney’s plan and o’s is romney’s should bring more cash back into the states, while o’s will push more into foreign markets.
Sorry for rambling, I think I had a point somewhere…
