At long last, Romney’s (well-hidden) proposal: With twelve days left in the campaign, the New York Times pretends to discuss the Romney tax proposal!
As part of this Potemkin newspaper’s ongoing undisguised comedy series, Annie Lowrey’s worthless report is hidden on page A4.
Too funny! It wasn’t even allowed to appear inside the Election or National sections! Readers might have spotted it there!
But anxious editors need have felt no alarm. If readers do stumble across this report, they will learn nothing especially troubling about this absurd tax proposal.
Submitting her term paper very late, Lowrey starts like this:
LOWREY (10/25/12): Tax Policy Center in Spotlight for Its Romney StudyThree months after its detailed report appeared, the Tax Policy Center reaches the headlines, hidden away on an unlikely page. But that headline, and Lowrey’s opening premises, are all plainly untrue.
A small nonpartisan research center operated by professed ''geeks'' has found itself at the center of a rancorous $5 trillion debate between President Obama and Mitt Romney.
No white paper or policy manifesto put out during the presidential campaign has proved more controversial than an August study by the Washington-based Tax Policy Center, a respected nonprofit that issues studiously detailed tax analyses.
The Tax Policy Center is not in the spotlight. For months, the New York Times has worked quite hard to keep it out of the light.
And that August 1 study has not “proved controversial.” Very few New York Times readers even know that the study exists.
Nor would those readers learn a great deal from Lowrey’s new pseudo-report. As she continues, the scribe politely says this:
LOWREY (continuing directly): That study found, in short, that Mr. Romney could not keep all of the promises he had made on individual tax reform: including cutting marginal tax rates by 20 percent, keeping protections for investment income, not widening the deficit and not increasing the tax burden on the poor or middle class. It concluded that Mr. Romney's plan, on its face, would cut taxes for rich families and raise them for everyone else.Interesting! But how about this:
By how much would Romney’s plan raise taxes for everyone else? The study provided an unpleasant number. Lowrey and/or her editor has hidden that number away.
In early August, we screeched, yelled and hollered, insisting that our big news go beyond the slender reports they filed about this study. But the liberal world sat and diddled itself, clowning about Romney's horsey and dog, and the New York Times kept playing dumb.
Today, the Times pretends to present a report about a “controversial” study. But the Times is still hiding that study’s contents. And the “controversy” to which Lowrey refers was killed in the crib by the Times.
All summer, the children gamboled and played. Today, the Times laughs in your faces.
Also not mentioned: As best we can tell, the New York Times still hasn’t ever reported the findings of that second reputable study—the study which says that Romney’s proposed cut in tax rates is off by a factor of five.
The study was discussed in an editorial. Never in a news report!
Also this:
In her report, Lowrey doesn’t mention Romney’s proposal to kill the estate tax altogether. But then, that proposal has barely been mentioned in New York Times news reporting.
Most readers of the Times don't know the proposal exists. A conspiracy theorist might even say this: Trillionaire owners of big famous newspapers may want the estate tax to lapse!
Crazy thoughts like these start floating around when the New York Times only pretends to report Mitt Romney’s ridiculous tax “plan.”
We've borrowed the language of glorious Cather: Protecting the memory of her vibrant immigrant girls in the pages of My Antonia:
CATHER (page 201): The country girls were considered a menace to the social order. Their beauty shone out too brightly against a conventional background. But anxious mothers need have felt no alarm. They mistook the mettle of their sons. The respect for respectability was stronger than any desire in Black Hawk youth.In Cather's account, young Black Hawk men could see the beauty of the immigrant girls. But they were too timid to act.
Anybody can call themselves "non-partisan". Another undefined term is "well-respected". The TPC's conclusion makes it apparent that they don't deserve these adjectives.
ReplyDeleteIf the TPC merely concluded that Romney couldn't possibly cut enough deductions and loopholes to make up for a 20% cut in rates, that would have been plausible. That conclusion might be correct.
But, TPC also reported that Romney would raise middle-class taxes. That conclusion is based on nothing but their assumption. Furthermore, it's the exact opposite of what Romney proposed.
The TPC has thus shown themselves to be partisan hacks, not worthy of any media coverage.
[From Bloomberg News online]
DeleteThe Romney campaign offered two responses to the Tax Policy Center’s analysis, one more misleading than the other.
First, the campaign called the analysis “just another biased study from a former Obama staffer.” That jab refers to Adam Looney, one of the study’s three co-authors, who served in a staff role on the White House Council of Economic Advisers under President Barack Obama. But the Tax Policy Center is directed by Donald Marron, who was one of the principals on George W. Bush’s Council of Economic Advisers.
Calling the Tax Policy Center biased simply isn’t credible -- a point underscored by the fact that the Romney campaign referred to the group’s work as “objective, third-party analysis” during the primary campaign.
Nice try, DinC. Do you hear an echo in that chamber?
Romney:
ReplyDeleteMake permanent, across-the-board 20 percent cut in marginal rates
Maintain current tax rates on interest, dividends, and capital gains
Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
Eliminate the Death Tax
Repeal the Alternative Minimum Tax (AMT)
TPC:
Our paper examined the effects of simultaneously pursuing five goals that Governor Romney has
proposed:
(1) cut current marginal income tax rates by 20 percent,
(2) preserve and enhance incentives for saving and investment
(3) eliminate the alternative minimum tax,
(4) eliminate the estate tax, and
(5) maintain revenue neutrality
We found that a tax reform plan that simultaneously met the first four goals would imply reduced
tax burdens on families with income above $200,000. Meeting the fifth goal – revenue neutrality
– would then imply increased tax burdens on other taxpayers, a necessary but perhaps
unintended consequence. This was true even though we made the financing of the plan via tax
expenditure reductions as progressive as possible by assuming that tax expenditures would be
eliminated from the top down: first, we eliminated all available tax expenditures for those with
income above $200,000; only if those revenues were insufficient to achieve revenue neutrality
(which in fact they were) did we reduce tax expenditures for households with incomes below that
level.
So, #5 doesn't count?
ReplyDeleteIt is not at all clear that David read the TPC paper. All the assumptions are laid out. It is reasonable to make assumptions, especially in light of the lack of detail in Romney's plan. David even concedes that cutting deductions and loopholes might not make for a revenue-neutral plan. In that case, how else does Romney achieve neutrality WITHOUT a raise of the middle (and lower) income tax burden?
ReplyDeleteDavid's point is that it's not fair to try to say which part of this bullshit plan is the most bullshit!
DeleteMaybe it's not the promise not to increase middle class taxes!
Maybe that part will be true!
So, to be fair, TPC should have considered that the part Romney is lying about may be revenue neutrality!
But still. Not fair!
They also should have considered that Romney may be lying about the rate cut!
Or, maybe he is lying about something else.
Or, perhaps he is lying about more than one thing!!!
But simply taking Romney's plan as seriously as possible given the meager details provided by Romney, and showing that you mathematically can't do everything he says???
That's just unfair and biased!
Thank you AnonymousOctober 25, 2012 3:16 PM, It would be equally (il)logical for TPC to conclude that Romney "real plan" was to raise taxes on the wealthy.
DeleteThere are two aspects of Romney's plan to worry about. 1. He's not being realistic. 2. His plan could do harm.
I'm not worried about #2, because I don't believe that plan has any chance of being enacted. I don't like the fact that Romney isn't being honorable. However, Obama's economic plans certainly turned out to be unrealistic. Both are lying. The difference is that Obama actually got his unrealistic plan enacted.
dude, do you ever, EVER apply ANY critical thought, ANY self-questioning about your own statements before you utter them? you're going to sit there and try to say that Romney selling a tax plan that is KNOWN to be impossible A PRIORI (and therefore is almost certainly a flat-out lie) to get elected is the moral equivalent of Obama accepting some technocratic economists' (very likely good-faith) prediction about the real world effects of his economic plan? you're so blinded by your biases you can't see how utterly ridiculous your third paragraph actually is. you have NO IDEA whether Obama was lying when he repeated his economists' predictions. but it's almost a guarantee that Romney knows by now that his tax plan is simply impossible as it appears on his website and as he has most often described it to the public. David, just admit it, man: you're not some objective truth seeker/promoter on here; you just want attention and to get a rise out of the other posters on here. mission accomplished. feel better now?
DeleteMike -- you have a valid point. I shouldn't have called Obama a liar. He probably did believe that his economic plan would achieve the results he predicted.
DeleteHowever, it's not the case that the Romney plan is KNOWN to be impossible A PRIORI. The Tax Policy Center gave an OPINION that the plan couldn't work. But, even the TPC admitted that the Romney Plan was vague and they supplied various assumptions in order to get a plan they could analyze. It's conceivable that with other assumptions the plan could work.
And, regardless of the PC's opinon, it's certainly conceivable that Romney thinks his Plan could work, just as Obama thought his plan would work.
regardless of any other assumptions they had to make (because Romney's plan deliberately leaves out so much), the following three, which Romney has called for, are all they need to show his plan is impossible:
Delete1. the following changes to the tax code:
a. Make permanent, across-the-board 20 percent cut in marginal rates
b. Maintain current tax rates on interest, dividends, and capital gains
c. Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
d. Eliminate the Death Tax
e. Repeal the Alternative Minimum Tax (AMT)
2. his promise to reduce the tax burden on the middle-class (Romney during the 1st, and most-watched, debate: "My view is that we ought to provide tax relief to people in the middle class. ...But I do want to reduce the burden being paid by middle-income Americans.")
3. tax revenue neutrality (Romney, again during the 1st debate: "But in order for us not to lose revenue, have the government run out of money, I also lower deductions and credits and exemptions,..."; "And finally, with regards to that tax cut, look, I'm not looking to cut massive taxes and to reduce the -- the revenues going to the government.")
according to every credible accout I've seen, there is simply no way to do all three of those things.
i suppose it's "conceivable" that Romney doesn't know this, but given how utterly dishonest and mercurial he's been throughout his campaign (Obama did NOT double the deficit, Romney does NOT have a "plan" that covers pre-existing conditions, Obama did NOT "steal," "rob," or "take" $716 billion from the Medicare trust fund, etc.), i think it's ridiculous to give him the benefit of the doubt.
Romney is probably a Social Darwinist. Presume that he will balance budgets on the back of the poor and of welfare recipients. It's simple enough, he doesn't need to say it himself. A social Darwinist is under no obligation to break cover and provide an opponent with a target to hit. Survival of the badest, fittest bastard.
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