“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
…since any Social Security plan would probably preserve benefits for those nearing retirement, it would not help the administration achieve its goal of reducing the deficit to 3 percent of gross domestic product, from 10 percent, within a decade.
One way to reach that 3 percent goal, by the calculations of Mr. Obama’s economic team: a 5 percent value-added tax, which would generate enough revenue to simultaneously permit the reduction in corporate tax rates Republicans favor.
More on the VAT here. As ATR notes, the President has been trying to turn this read-my-lips into a pledge against raising income taxes. They want “President Obama to either immediately release the reported VAT calculations or deny such calculations exist,” although I don’t know why. Anything that we get from the man will just be another lie.
Share on Facebook 1 1 SHARES If there is one thing that has become apparent, it’s that no one really knows who is running the asylum when it comes to picking Trump’s VP. One thing we know is that Ben Carson is out, but beyond that there is a more or less constant war via leak going on between Manafort and Lewandowski about everything, including | Read More »
Share on Facebook 1 1 SHARES We know Donald Trump is about as popular with minorities and women as a flamboyant gay man is in Saudi Arabia. Recently, Trump’s approval numbers with married women — a usually very solid GOP voting bloc — was in the 70’s….on the negative side. Where Trump is supposedly going to make his play is with middle class working white | Read More »