Just The Facts: Republicans Falsely Claim Obama Seeks Biggest Tax Hike In History

[BettorsChat]

After President Obama unveiled his jobs and deficit reduction plans, he took to the road to draw a contrast between himself and the Republican politicians who want to end his political career. Obama's proposes to spend money now on hiring people and cutting taxes temporarily to spur further job growth, and pay for it in just over a year, in large part by raising taxes on wealthy Americans.

The Republican vision -- phasing out safety net programs like Medicare in order to maintain low tax rates on the same group of affluent people -- is far less popular. So in their own tried and true way, Republicans recast Obama's plan for "shared sacrifice" as "the largest tax increase in history."

What a difference! But also untrue.

Using historical data from the Treasury Department on the impact of past tax laws, and from the Office of Management and Budget's analysis of Obama's current proposals, the Center on Budget and Policy Priorities ran the numbers for TPM and found the claim to be false by just about any measure.

Assessing new revenue as percentage of GDP, it turns out Obama's tax proposals would rank below a law signed by President Ronald Reagan on the list of significant tax increases of the last five decades.

Just The Facts: Republicans Falsely Claim Obama Seeks Biggest Tax Hike In History | TPMDC

[vols fan]

Do you EVER have any "FACTS" that goes against your beloved Democratic party?

[flarendep1]

Do you EVER have any "FACTS" that goes against your beloved Democratic party?

Vols, these threads get as much attention as the left wing crack pots on MSNBC.

[vols fan]

Vols, these threads get as much attention as the left wing crack pots on MSNBC.

[umreb78]

BC: This is an article from TPM??? Are you freakin kiddin me??? And it presumes to present "facts"...Dude, TPM is more left wing than even the NY TImes..You will never find anything on TPM that is not an Obama, Socialist, etc cheerleading byline. This is the least objective media (certainly not truth based news) since MoveOn....Serioulsy...

[Watchtower76]

After President Obama unveiled his jobs and deficit reduction plans, he took to the road to draw a contrast between himself and the Republican politicians who want to end his political career. Obama's proposes to spend money now on hiring people and cutting taxes temporarily to spur further job growth, and pay for it in just over a year, in large part by raising taxes on wealthy Americans.

The Republican vision -- phasing out safety net programs like Medicare in order to maintain low tax rates on the same group of affluent people -- is far less popular. So in their own tried and true way, Republicans recast Obama's plan for "shared sacrifice" as "the largest tax increase in history."

What a difference! But also untrue.

Using historical data from the Treasury Department on the impact of past tax laws, and from the Office of Management and Budget's analysis of Obama's current proposals, the Center on Budget and Policy Priorities ran the numbers for TPM and found the claim to be false by just about any measure.

Assessing new revenue as percentage of GDP, it turns out Obama's tax proposals would rank below a law signed by President Ronald Reagan on the list of significant tax increases of the last five decades.

Just The Facts: Republicans Falsely Claim Obama Seeks Biggest Tax Hike In History | TPMDC

really monte,

This tax hike is a big pile of crap....everyone talks big but it does nothing to the debt since this f'n gov't is just piling the debt day by day..

In order to keep the ongoing class warfare waged by the administration in perspective, today the CBO was kind enough to score the revenue impact of the proposed and much debated Buffett Tax, now appearing in non-populist literature as "Surtax on Millionaires." According to the Budget Office, said tax which is the source of substantial consternation among the population, would generate, over the next decade, a grand total of... drum roll... $453 billion. Why the drum roll? Because as we pointed out a few days ago, the US closed the 2011 fiscal year having added $1.23 trillion in debt (a number which would have been $1.4 trillion absent some year end settlement gimmickry). In other words, last year the US government had on average a $100+ billion deficit each month. In yet more other words, the great populist gimmick that is the Buffett Tax will have the great benefit of generating, between 2011 and 2021 enough money to plug a debt hole, at the rate America currently spends money, of 4 months.

Obama's "Millionaire Tax" Collected Over Next Ten Years Will Plug 4 Months Worth Of Deficit | ZeroHedge

Maybe obama and all this "economic advisory's" should go straight into jail, explain this....Just like that pile of crap CEO from GE that was on 60min last night

US Closes 2010-2011 Fiscal Year With $14,790,340,328,557.15 In Debt, $95 Billion Jump On The Day, $1.2 Trillion Increase In One Year | ZeroHedge

[Watchtower76]

this gov't is wasting money at the tax payers expense to raise the stock market, has nothing to do for any job growths.....

Stop f'n spending our money to fund a ponzie sch, i'm sick of this crap....

[Watchtower76]

Oh tax the rich, well 49% of this country doesn't even pay fed taxes, but your stupid buffet tax will fund 4 months of your careless spending...

F obama, immelt , buffet and anyone associated with his "jobs growth advisors", they are so fake...

If no one saw 60min yesterday, it's worth a watch....just classsic "we can't find jobs", but things are good for GE.... but spend money into the stock market or try another "solyndra" taxpayers bankrupt company and that will create jobs, man gov't ran companies are just great....keep wasting our money....