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Ruth Marcus: Fallacies at the heart of Romney’s tax plan - The Washington Post
Keywords:
Ruth Marcus looks at the assumptions behind Romney's tax plan and questions whether simplifying the tax system with lower rates would help create the climate for higher economic growth and lower unemployment. Much of the differences between Republicans and Democrats revolve around this assumption, a core belief on one side and skepticism on the other. An effort to obtain a bipartisan assessment was made with the Simpson-Bowles commission recommendations, which advised closing loopholes and reducing deductions. The work done by Martin Feldstein on the Romney Tax plan builds on this approach of limiting deductions, and reducing taxes across the board. An issue for Democrats is inequality. Lower wages to improve competitiveness in manufacturing industry is a trend in Republican and Democratic administrations, because of the effort to improve U.S. competitiveness against other trading nations and has played a large part in lowering incomes in manufacturing oriented midwest and eastern states. The other cause of increasing inequality is the housing crisis and the effects on the economy through foreclosures and unemployment. The housing crisis developed under a Republican administration, and the lack of effective measures to prevent foreclosures under the last 4 years of a Democratic administration worsened the economic condition of the middle class, and especially so for minorities. During the housing and foreclosure crisis the proposals put forward by Republicans Martin Feldstein, a Harvard economist, and Sheila Bair, head of the FDIC who calls herself a "populist from Kansas," for bold government help to homeowners under water would have helped the middle class financially, and especially minorities, far more than the efforts of the Democratic Obama administration, and under Feldstein's plan even turned aound the housing market and boosted a recovery. Trends in world trade and industry have large effects outside what administrations of either party can control, and a lot depends on the temperament, wisdom and leadership provided.
Romney's plan on taxes and the Simpson-Bowles deficit reduction plan
04/16/2012
Romney's plan to limit or eliminate some standard tax deductions similar to the Simpson-Bowles plan.
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Romney Specifies Deductions He'd Cut
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Why neither Obama nor Romney wants to talk about Romney’s record - The Washington Post
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President Obama Should Seize the High Ground
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Rep. Dave Camp patiently pursues tax reform - The Washington Post
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Dave Camp: Is Tax Reform Politically Possible?
Wall Street Journal 08/12/2012
With Ryan, Romney Casts Spotlight on Budget Details
New York Times 08/11/2012
Romney's comment about 47% of the American people who would automatically support President Obama
09/17/2012
Romney's comment was that the 47% of the American people who receive government benefits would automatically support President Obama because Republicans were for cutting taxes and reducing entitlements.
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The Data Behind Romney’s 47% Comments
Wall Street Journal 09/18/2012
In Video Clip Romney Calls 47% of People "Dependent" and Feeling Entitled
New York Times 09/17/2012
New York Times 09/17/2012
On a Challenging Day, Romney Seeks to Shift to His Policy Specifics
New York Times 09/17/2012
Mitt Romney’s ‘47 percent’ fantasy - The Washington Post
Washington Post 09/18/2012
New York Times 09/18/2012
Krugman on the Obama Administration, banks, settlements and the U.S. foreclosure crisis in 2011
01/02/2009
Failure of the Obama administration to reduce foreclosures and help homeowners. A worsening foreclosure situation leads to a continuing decline in housing prices and hampers an economic recovery in the U.S. This is something Martin Feldstein grasped very early during the 2008 financial crisis and made proposals for helping homeowners under water.
Grouped Articles
Washington Post 09/06/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Policy errors and lack of focus on unemployment and the economy of the Obama administration
04/04/2009
The focus on health care reform comes at the wrong time when when the U.S. economy and high unemployment were priorities that needed attention, say experts. Feldstein points elsewhere to the lack of attention to the housing crisis and reducing foreclosures through homeowner assistance. These errors of the Obama administration increased business uncertainty in the U.S. just as the eurozone crisis worsened.
Grouped Articles
Washington Post 09/06/2011
Stimulus and the Depression: The Untold Story
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Geithner's Bank Plan Is a Good Start
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Uncertainty and the Slow Recovery
Wall Street Journal 01/04/2010
Roseland, Where Obama the Politician Was Born
New York Times 08/15/2012
Washington Post 08/17/2012
Martin Feldstein, Sheila Bair and other experts on the Bowles-Simpson Deficit Commission proposals
11/17/2010
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The Deficit Dilemma and Obama's Budget
Wall Street Journal 11/18/2010
America's budget deficit: Speak softly and carry a big chainsaw
Economist 11/20/2010
Sheila C. Bair - Will the next fiscal crisis start in Washington?
Washington Post 11/26/2010
Debt and Taxes: Will Washington Ever Grow Up?
BusinessWeek 11/17/2010
Martin Feldstein - How to cut the deficit without raising taxes
Washington Post 11/29/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Friedman on Obama, the presidential campaign of 2012 and the failure to embrace the Simpson-Bowles deficit reduction plan
09/26/2011
A campaign developed by campaign consultants lacking boldness and clear vision, one developed in test-tube fashion, is how Friedman describes the Obama election campaign. He describes the long period in the second half of 2011 as a crucial period inthe Obama presidency, when Obama lacked the courage to embrace his own presidential commission's Simpson-Bowles plan for deficit reduction and simply vacillated in a back and forth with Republicans. The price may well be the loss of independent and center-right voters.
Grouped Articles
Why we need a third party - The Washington Post
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President Obama Should Seize the High Ground
New York Times 05/26/2012
Washington Post 06/09/2012
Rep. Dave Camp patiently pursues tax reform - The Washington Post
Washington Post 07/29/2012
Dave Camp: Is Tax Reform Politically Possible?
Wall Street Journal 08/12/2012
Martin Feldstein: Romney's Tax Plan Can Raise Revenue
Wall Street Journal 08/28/2012
Republican views on the Bowles-Simpson Deficit Commission proposals
12/03/2010
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GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Wall Street Journal 12/03/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Martin Feldstein on how limiting deductions for high income earners can pay for the Romney Tax Plan
08/28/2012
Romney's tax plan for 20% across the board reduction in taxes and how it can be paid for by limiting the deductions of high income tax earners.
Grouped Articles
Martin Feldstein: Romney's Tax Plan Can Raise Revenue
Wall Street Journal 08/28/2012
The Magnitude of the Mess We're In
Wall Street Journal 09/16/2012
The Data Behind Romney’s 47% Comments
Wall Street Journal 09/18/2012
New York Times 09/24/2012
Ruth Marcus: Fallacies at the heart of Romney’s tax plan - The Washington Post
Washington Post 09/26/2012
Wall Street Journal 09/27/2012
Feldstein's proposal for a 2% cap on reduction in taxes from deductions and exclusions.
05/04/2011
Feldstein says its important to increases taxes not tax rates. And the the way to go is to follow the President's Bowles-Simpson Deficit Commission's proposal on tax expenditures. As it is politically difficult to eliminate deductions and exclusions he suggests another proposal- limit the reduction in taxes with a 2% of adjusted gross income cap on the reduction any taxpayer gets.
Grouped Articles
Raise Taxes, but Not Tax Rates
New York Times 05/04/2011
New York Times 07/04/2011
The Elmendorf Rule - The Washington Post
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Tom Keene Talks to Martin Feldstein
BusinessWeek 07/07/2011
Wall Street Journal 07/12/2011
Top Democrats laud GOP debt-ceiling move - The Washington Post
Washington Post 07/14/2011
Martin Feldstein and other experts renew their call to stem the decline in house prices with a new policy for homeowners under water - 2010-2012
01/05/2009
The cost would be an estimated $350 billion to cancel some of the mortgage debt of homeowners. Feldstein says this is a necessary step to revive the U.S economy. Letting the forest fire of foreclosures burn itself out would damage the U.S. economy further. Feldstein says this is not an option.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
How to Stop the Drop in Home Values
New York Times 10/12/2011
The state attorneys general in the U.S. and the subprime lending and foreclosure crises and mortgage settlements.
12/08/2009
Federal regulators and the Bush and Obama administrations failed miserably to help homeowners achieve loan modifications. This with the false belief that putting homeowners out of their homes would actually speed up a recovery, considering the huge scale of foreclosures in the USA , the high unemployment and other problems hitting the economy. Feldstein's consistent arguments for homeowner relief throughout 2008 and 2009- considering the large number of homeowners under water- as the mortgage crisis unfolded, were ignored by the Bush and Obama administrations. See the comparisons to Japan's lost decade, as the lack of recovery in housing adds to problems with job losses. The lawsuits, legal action and mortgage settlements facing banks as they make their way through the mortgage mess.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
BP’s Cuts May Wound Portfolio Recovery
Wall Street Journal 02/04/2015
Bowles and Simpson of the President's Deficit Commission defend their plan
11/18/2010
Grouped Articles
Charlie Rose Talks to Erskine Bowles, Alan Simpson
BusinessWeek 11/18/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 03/03/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Raise Taxes, but Not Tax Rates
New York Times 05/04/2011
New York Mayor Bloomberg on reviving the U.S. economy
09/26/2011
Bloomberg says its time Obama and the Republicans stop promising a free lunch, or something for nothing. He suggests a two step answer to the economic problems facing the U.S. - let the Bush tax cuts expire for all income groups, and passage on an up or down vote of the Simpson-Bowles deficit reduction plan for $4 trillion in savings. This would give U.S. businesses the confidence to invest instead of holding back because of the uncertainty, and lead to higher economic growth and lower unemployment.
Grouped Articles
Why we need a third party - The Washington Post
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New York Times 12/27/2011
Federal Budgets and Class Warfare
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Why I'm Optimistic About Cutting the Deficit
Wall Street Journal 03/29/2012
President Obama Should Seize the High Ground
New York Times 05/26/2012
Dana Milbank: Jeb Bush’s heresy - The Washington Post
Washington Post 06/13/2012
The two US Deficit Commissions in 2010 and the Deficit from Growing Health Care Costs
01/31/2008
Bowles-Simpson Deficit Commisssion proposals, critics say, did not adequately tackle the health care part of the US Deficit. Rivlin-Domenici Deficit Commission phases out the tax exclusion on employer-subsidized health care insurance. Both fall short in addressing the health care portion of the deficit.
Grouped Articles
New York Times 12/11/2010
In Battle Over Health Law, Math Cuts Both Ways
New York Times 01/07/2011
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Second Panel Calls for Cutting Military Spending
New York Times 11/17/2010
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