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December 5, 2012

Now Obama Says Republicans' revenue math doesn't work, but ...

Topics: Political News and commentaries

Yesterday, Barack Obama said that the GOP's cliff counteroffer proposing $800 billion in new revenue without raising taxes was untenable, because the math just doesn't work. White House Press Secretary Jay Carney followed up by saying "it's not a plan to say that we're going to magically increase revenues through loophole closures and deduction caps."

But ... the same 'math' was just fine back in July 2011, when Obama and his fellow Democrats thought that the math of raising that much revenue through closing loopholes, capping deductions, and eliminating credits, without hiking tax rates, would indeed work, and in fact, Obama claimed he could even wring $1.2 trillion out of such a plan:

Obama: "What we've said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions, and engaging in a tax reform process that could have lowered rates generally while broadening the base.
In other words, Republicans are essentially repeating one of the president's own plans back at him, and now it's somehow the most far-fetched idea on the planet.

Go figure!

H/t - Erika Johnsen

Posted by Hyscience at December 5, 2012 3:12 PM

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