A worthwhile read about the fiscal cliff and the potential effect of either extending all the Bush era tax cuts or extending them only for the middle class earners and below. A critical piece of info seems to be missing here and that is the amount of revenue possibly generated to begin battling the deficit by these maneuvers. Would be a good bit to chomp on as this debate continues. But the crucial part to recognize in this article is the reality that a tax increase on the wealthiest in the country will not have much of an effect in the way of hurting the economy and other measures can be used to offset the smaller growth projected by it.
A very good analysis of the Romney tax plan and the myth it is possible to pay for it using the ideas he has given. Everything still comes up well short and the saddest part is the truth at the end of this article. The writing is on the wall that he is on his way to traveling the same fiscal road as the previous Republican administration yet the public is not seeing this clearly for some reason.
Some interesting numbers to look at but a few things should be kept in mind. The aggregate stats given are a bit deceptive, for instance this quote:
The survey found 90 percent of respondents supporting some blend of those two methods of reducing deficits (vaguely similar to Obama’s proposal), while Romney’s espousal of “revenue neutral” tax reform lines up most closely with the 9 percent of economists in the survey who called for “spending cuts only.”
Not all of that 90% are advocating the plans of Obama but it should be noted the majority of these experts are in favor of this road to economic stability.
The other factor that should be noted is the reality this is not a survey of either candidate’s exact plan for government spending. For instance, it only mentions tax increases which implies a tax increase on everyone and not just the wealthy as Obama has pushed for. In all likelihood, the numbers would be greater in favor of the Obama plan if that was accounted for since there is a majority call for more revenue through taxation and these experts would be fully aware of the myth of the “trickle down theory”.