Well, For 18 Months He's Been Running On This Tax Plan. And Now, Five Weeks Before The Election, He's Saying That His Big, Bold Idea Is, 'Never Mind.' - SearchQuotes

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Well, for 18 months he's been running on this tax plan. And now, five weeks before the election, he's saying that his big, bold idea is, 'Never mind.'

Barack Obama

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11 Comments

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Now, that's not my analysis. That's the analysis of economists who have looked at this. And, and that kind of top, top-down economics, where folks at the top are doing well, so the average person making $3 million is getting a $250,000 tax break, while middle-class families are burdened further, that's not what I believe is a recipe for economic growth.

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That's why independent studies looking at this said the only way to meet Governor Romney's pledge of not reducing the deficit or...or...or not adding to the deficit is by burdening middle-class families. The average middle-class family with children would pay about $2,000 more.

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When you add up all the loopholes and deductions that upper-income individuals can...are currently taking advantage of, you take those all away, you don't come close to paying for $5 trillion in tax cuts and $2 trillion in additional military spending.

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Now, Governor Romney's proposal that he has been promoting for 18 months calls for a $5 trillion tax cut, on top of $2 trillion of additional spending for our military. And he is saying that he is going to pay for it by closing loopholes and deductions. The problem is that he's been asked over 100 times how you would close those deductions and loopholes, and he hasn't been able to identify them.

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I believe that we do best when the middle class is doing well. And by giving them those tax cuts, they had a little more money in their pocket, and so maybe they can buy a new car. They are certainly in a better position to weather the extraordinary recession that we went through. They can buy a computer for their kid who's going off to college, which means they're spending more money, businesses have more customers, businesses make more profits, and then hire more workers.

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Let's talk about taxes, because I think it's instructive. Now, four years ago, when I stood on this stage, I said that I would cut taxes for middle-class families. And that's exactly what I did. We cut taxes for middle-class families by about $3,600.

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This is where there's a difference, because Governor Romney's central economic plan calls for a $5 trillion tax cut, on top of the extension of the Bush tax cuts, that's another trillion dollars...and $2 trillion in additional military spending that the military hasn't asked for. That's $8 trillion. How we pay for that, reduce the deficit, and make the investments that we need to make, without dumping those costs onto middle-class Americans, I think is one of the central questions of this campaign.

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So all of this is possible. Now, in order for us to do it, we do have to close our deficit, and one of the things I'm sure we'll be discussing tonight is, how do we deal with our tax code? And how do we make sure that we are reducing spending in a responsible way, but also, how do we have enough revenue to make those investments?

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Over the last 30 months, weve seen 5 million jobs in the private sector created.

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The auto industry has come roaring back, and housing has begun to rise.

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I think math, common sense, and our history shows us thats not a recipe for job growth.

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If were serious, weve got to take a balanced, responsible approach.

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