Administration can't get its story straight on taxes

President Obama says he will raise taxes on "the rich" at year's end - even though his vice president contradicted him during the debate.

Reuters:

The Obama administration said on Friday it has not changed its stance on letting tax rates rise at year-end for high-income Americans, despite comments from Vice President Joe Biden in Thursday night's debate that seemed to suggest a shift.

"Our position on the Bush tax cuts has not changed," White House spokesman Jay Carney told reporters on Friday, referring to the expiration in 2013 of tax cuts enacted a decade ago under Republican President George W. Bush.

President Barack Obama, a Democrat, favors letting the Bush-era rates expire for families making $250,000 or more. For these taxpayers, income above that level would be taxed at 36 percent and then, if their income reaches another threshold, at 39.6 percent under the Obama plan. That income is now taxed at 33 percent and 35 percent under the Bush-era rates.

Biden said in the debate that tax cuts could sunset for taxpayers making $1 million or more a year.

Describing the administration's tax plan, Biden said: "The middle class will pay less and people making a million dollars or more will begin to contribute slightly more."

"Just let taxes expire like they are supposed to on those millionaires," Biden said later in the debate.

"We can't afford $800 billion going to people who (are) making a minimum of $1 million," he said.

Via: American Thinker

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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.

Via: Weekly Standard

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President Obama: Redistributionist in Chief and ACORN's president

The truth is still the greatest threat to Obama and the greatest hope for the American dream.

It's incredible, but true, that a redistributionist ACORN guy could be elected President of a center-right nation like the United States.

It's true because the truth about Obama and his socialist views and ACORN connections was not generally known and the liberal media establishment wanted it that way.

Audio (www.youtube.com/watch?v=LFSY2dnTSZQ)of Obama:

"...I definitely welcome ACORN's input. You don't have to ask me about that. I'm going to call you even if you didn't ask me.

"When I ran Project Vote, voter registration drive in Illinois, you know, ACORN was smack dab in the middle of it. Once I was elected, there wasn't a campaign that ACORN worked on down in Springfield that I wasn't right there with you. Since I've been in the United States Senate, I've been always a partner with ACORN as well. I've been fighting with ACORN, alongside ACORN on issues you care about my entire career."

It should not be a shock that Obama lied about his redistributionist views. He previously lied about his involvement with the ACORN political party in Illinois, known as the New Party. See www.wnd.com/2012/06/obama-member-of-acorns-3rd-party/, where it is reported that "[t]he socialist-leaning New Party had such a close relationship with the controversial group ACORN that at one point the two shared an office address, fax lines and email addresses" and the New Party "sought to elect members to public office with the aim of moving the Democratic Party far leftward to ultimately form a new political party with a socialist agenda."

As an Illimois state senator in 1998, Barack Obama told an audience at Loyola University in Chicago the truth: He actually believes in redistribution.

A video is available at http://hotair.com/archives/2012/09/19/video-rnc-jumps-on-obamas-redistribution-quote/.

But President Obama, running for reelection, rejecting the charge that his economic plan amounts to a redistribution of wealth.

During a "60 Minutes" interview by Steve Kroft last December, President Obama claimed that his real goal is to rebuild a strong middle-class America, not to redistribute wealth.

"What's happened to the bargain?" Obama said in an interview with CBS correspondent Steve Kroft. "What happened to the American deal that says, you know, we are focused on building a strong middle class?

Kroft specifically asked Obama about his mention of "income inequality" in a recent speech. "People will say this is socialist Obama," said Kroft. "And he's come out of the closet," Kroft added.

Obama rejected that as nonsense and insisted that income inequality has nothing to do with socialism. "Everybody's concerned about inequality," Obama said. "What's happened to the bargain? What's happened to the American deal that says, you know, we are focused on building a strong middle class?"

Video is available at http://hotair.com/archives/2012/09/19/video-rnc-jumps-on-obamas-redistribution-quote/.

To be elected in 2008, Obama blatantly lied about his relationship with ACORN.

If the truth had been generally known, Obama would have lost.

The truth is still the greatest threat to Obama and the greatest hope for the American dream.

Via: Renew America

The Lost Decade of the Middle Class

CHAPTER 1: OVERVIEW

As the 2012 presidential candidates prepare their closing arguments to America’s middle class, they are courting a group that has endured a lost decade for economic well-being. Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future.

These stark assessments are based on findings from a new nationally representative Pew Research Center survey that includes 1,287 adults who describe themselves as middle class, supplemented by the Center’s analysis of data from the U.S. Census Bureau and Federal Reserve Board of Governors.

Fully 85% of self-described middle-class adults say it is more difficult now than it was a decade ago for middle-class people to maintain their standard of living. Of those who feel this way, 62% say “a lot” of the blame lies with Congress, while 54% say the same about banks and financial institutions, 47% about large corporations, 44% about the Bush administration, 39% about foreign competition and 34% about the Obama administration. Just 8% blame the middle class itself a lot.

Their downbeat take on their economic situation comes at the end of a decade in which, for the first time since the end of World War II, mean family incomes declined for Americans in all income tiers. But the middle-income tier—defined in this Pew Research analysis as all adults whose annual household income is two-thirds to double the national

Via: Pew Research Center

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