Flashback: J.F.K On How Tax Cuts Fuel An Economy, Not Hurt It

Enter the way-back machine and check this one out from JFK.  Ever heard the term “Reagan Democrat”?  Even before Reagan, it was well understood that tax cuts stimulated the economy. Here’s an example of the same line of thought, from JFK, from a time when Democrats understood economics and truth…

Via: Weasel Zippers

OBAMA PRIVATELY TOUTS SEQUESTER AFTER DENYING RESPONSIBILITY IN DEBATE

At Monday's third presidential debate, President Obama pointedly promised that sequestered budget cuts that will affect defense spending "will not happen." 

OBAMA: First of all, the sequester is not something that I've proposed. It is something that Congress has proposed. It will not happen. [emphasis added]

The next morning, in an off-the-record interview with the editors of the Des Moines Register, President Obama reversed course, taking credit for a sequester that he anticipates will be "in place.":

OBAMA: "So when you combine the Bush tax cuts expiring, the sequester in place, the commitment of both myself and my opponent -- at least Governor Romney claims that he wants to reduce the deficit -- but we’re going to be in a position where I believe in the first six months we are going to solve that big piece of business." [emphasis added]

After loud complaints from new and mainstream media alike, the transcript of the President's interview with the Des Moines Register was made public today. Since these comments on the sequester represented a complete reversal of the position he took at the debate less than 24 hours earlier, it's easy to understand why the President's campaign initially wanted to keep them off the record.

Via: Breitbart

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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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OBAMA: DEMONIZING TAX CUTS

So Barack Obama is on his soapbox, demonizing tax cuts. He didn’t stop after last night at the DNC, when he said:

Now, our friends at the Republican convention were more than happy to talk about everything they think is wrong with America, but they didn't have much to say about how they'd make it right. They want your vote, but they don't want you to know their plan. And that's because all they have to offer is the same prescription they've had for the last thirty years: Have a surplus? Try a tax cut. Deficit too high? Try another. Feel a cold coming on? Take two tax cuts, roll back some regulations, and call us in the morning!

Today on Obama’s Twitter account, it read:

POTUS on the GOP’s plan: Tax cuts when times are good, tax cuts when times are bad. Tax cuts to cure your love life.

Hmm . . .  JFK cut taxes. Bill Clinton, once he got his head out of his liberal posterior, cut capital gains taxes in 1997, spurring an economic ascension. (Obama will have to forgive me for using that word; people around him only use it in reference to his messianic destiny.)

There has only been one candidate who ever made raising taxes the centerpiece of his campaign: Walter Mondale.

He won one state: his own. He also won Washington D.C. That was it.

For those who would think tax cuts are an integral part of economic recovery, Obama’s patronizing attitude is insulting.  But then, virtually everything Obama does conveys a basic contempt for the kind of common sense that most Americans have about their finances. It’s all smoke and mirrors for him.

But the smoke is clearing fast.

Via: Breitbart

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The Obama Lie Machine

        Obama tax calculator offers tax cuts for millionaires

The Obama campaign unveiled a new website Thursday as part of a major communications push to convince voters that Mitt Romney’s tax plan favors the rich.

The website includes a tax calculator that allows voters to compare their tax savings under President Obama’s and Gov. Romney’s competing plans.

However, the tax calculator seems to be doing some fuzzy math. President Obama has promised to raise income taxes on all Americans making more than $200,000 and all families making more than $250,000 a year. Obama campaign spokesman Jen Psaki told reporters aboard Air Force One earlier today, “If you’re a millionaire or billionaire, it’s probably not looking good for you in our plan, but otherwise, you’re great under our plan.  So we encourage people to go [to the calculator website].”

Via: The Washington Free Beacon

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