Obama mocks Romney's "trickle-down, tax cut fairy dust" plan
AP Photo/Pablo Martinez Monsivais
(CBS News) President Obama on Thursday once again slammed Mitt Romney for his budget proposal, telling supporters at an Orlando, Fla., campaign event that Republicans "have tried to sell us this trickle-down, tax cut fairy dust before."
"Guess what," the president said, "it didn't work then; it will not work now."
The president has seized on a new report from the Tax Policy Center, which concludes that in order to enact his proposed tax cuts without adding to the deficit, middle- and lower-income households would end up paying more in taxes while the rich would benefit. On the campaign trail, Mr. Obama has charged that Romney is running for president so "people like him" can pay less in taxes.
The Romney campaign has blasted the report, taking issue with its methodology as well as its authorship, pointing out that one of the authors once worked for the Obama administration.
Mr. Obama today, however, pointed out that a second author of the report previously worked for the Bush administration. He also mocked the Romney campaign for complaining about the methodology.
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The report, the Romney campaign has said, doesn't take into account the economic growth that should come from enacting elements of Romney's plan, like more tax cuts.
"Because we all know how well that worked out the last time we tried it," Mr. Obama said dryly. "Look, Orlando, we know better."
Romney's plan, he said, "is not a plan to create jobs, it is not a plan to reduce the deficit... [or] move our economy forward. We do not need more tax cuts for folks who have done very, very well. We need more tax cuts for working Americans."
Mr. Obama told the crowd that if your income is under $250,000 a year, "you won't see your income taxes increase by a single dime next year" if he is re-elected. "If you're fortunate enough to be in the other 2 percent of Americans," he continued, "all we're asking is that you contribute a little bit more."
(Fla. crowd sings "Happy Birthday" to President Obama.)
The president opened the campaign event on a light-hearted note, reminding his supporters that his birthday is coming up.
"I'm gonna be 51 on Saturday -- Michelle says I look 50," he said, eliciting laughs. The crowd started singing him "Happy Birthday" (watch at left), after which the president said, "A win in Florida wouldn't be a bad birthday present."
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Corporate welfare to the left....anything less than 100% taxation.
CNSNews.com) - When he presented his plan for dealing with the national debt last week, President Barack Obama suggested a number of ways he would like to increase taxes on people he referred to as "millionaires and billionaires." So he waited til now to unveil his healhcare program, because by he time the taxes on paychecks show up it will be too late. So He is proposing to rob he rich? Ha Ha good luck finding a dang doctor.
Try this for starters!.... Then think before you spout!
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Communism -
1 - A system in which most or all property is owned by the state and is supposed to be shared by all......Communism comes from a philosophy based on the writings of Karl Marx and Friedrich Engel in the 1800's and seeks the overthrow of noncommunist societies in behalf of the laboring class, usually as the result of a series of struggles of class conflict.
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2 - A political, social and economic system in which the state, governed by the elite party, controls production, labor, and distribution, and largely, the social and cultural life and thought of the people.
Socialism -
1 - A theory or system of social organization by which the major means of production and distribution are owned, managed or controlled by the government, by associations of workers or by the community as a whole.
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2 - A political movement advocating or associated with this system.
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3 - The practice of such a system.
Marxism -
The political and economic theories of Karl Marx and Friedrich Engel.
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They interpreted history as a continuing economic class struggle and believed that the eventual result would be the establishment of a classless society and communal ownership if all natural and industrial resources.
SHOULD is the key word. Reagonomic voodoo trickle down was suppose to increase revenue by reducing taxes. That would have required a 20% GDP growth for 10 straight years, which has never happened and never will.
Obama announces that trickle down is a fairy tale. In other news, the sun rose in the east this morning.
Very telling.
These savings can then be passed along to the 1% in the form of tax cuts.
OTOH, "trickle down" and deregulation have been VERY effective in shifting both income and wealth from the middle and working classes to the top 1%, and in hollowing out the ability of government to do what most Americans want it to do: you know, dumb things like inspect meat and keep planes from colliding and decide whether drugs are safe and effective and prevent Wall Street types from driving the economy into the ground.... Do you suppose that might be why Republicans LOVE "trickle down" and deregulation so much?
I wonder what they'll do if they succeed?