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Biden: ‘We Want To Raise Taxes By $1 Trillion’

From The Weekly Standard:

Biden: ‘Yes, We Do’ Want to Raise Taxes By a Trillion Dollars

By DANIEL HALPER | Thurs October 4, 2012

Vice President Joe Biden, speaking earlier today in Iowa said, "Yes, we do" want to raise taxes by a trillion dollars:

"On top of the trillions of dollars of spending that we have already cut, we’re gonna ask – yes – we’re gonna ask the wealthy to pay more," said Biden.

"My heart breaks, come on man. You know the phrase they always use? Obama and Biden want to raise taxes by a trillion dollars. Guess what? Yes we do in one regard. We want to let that trillion dollar tax cut expire so the middle class doesn’t have to bear the burden of all that money going to the super wealthy. That’s not a tax raise, that’s called fairness where I come from."

And this is not even being called a gaffe. The sad thing is the people in the audience — many of whom are farmers and small business people who make over $200K a year — actually cheered. They think Joe is talking about somebody else. Not them.

But how is the middle class bearing any "burden of all that money going to the wealthy?" Their taxes haven’t gone up.

Besides, redistribution is not fairness. It’s theft. And theft has nothing to do with social justice. In fact, theft carried out by the very government that is supposed to protect you and your property is the ultimate social injustice.

Meanwhile, we have this via Real Clear Politics:

Cutter Concedes $5 Trillion Attack On Romney Is Not True

Thurs October 4, 2012

Obama deputy campaign manager Stephanie Cutter admitted on CNN’s "OutFront" tonight that their claim that Mitt Romney’s tax plan costs $5 trillion is untrue.

Burnett explained closing deductions is what solves the amount of revenue lost by the lowering of tax rates.

"Well, okay, stipulated. It won’t be near $5 trillion but it’s also not going to be the sum of $5 trillion in the loopholes that he’s going to close," Cutter responded.

Cutter eventually acknowledged that the closing of deductions accounts for at least four trillion of the five trillion in lost revenues she claims that will not be collected in taxes…

More importantly, Cutter and the rest of the Democrats refuse to acknowledge that lowering tax rates always generates growth, which in turn generates more tax revenues, not less.

Which is clear here too. (See highlighted sections below.)


Erin Burnett, CNN host: So you’re saying if you lower them by 20% you get a $5 trillion tab, right?

Stephanie Cutter: It’s a $5 trillion tab.


Burnett: But then when you close deductions it’s not going to be anywhere near $5 trillion, that’s our analysis.

Cutter: Well, okay, stipulated. It won’t be near $5 trillion but it’s also not going to be the sum of $5 trillion in the loopholes that he’s going to close. So it is going to cost someone and it’s going to cost the middle class. Independent economists have taken a look at this. There aren’t enough deductions for those at the top to account for the number of tax cuts that they get because of Mitt Romney’s policy so you have to raise taxes on the middle class. As Bill Clinton said, it’s just simple math.

Burnett: Okay, they’ll just say that you can do that. They’re are other studies. I know the one to which you’re referring, but there’s also the possibility of economic growth.

Cutter: Prove it. Erin, prove it.

Burnett: We can’t prove either side, that’s all I’m saying, but the one thing that I can say is not true is the $5 trillion tax cut.

Cutter: I disagree with you. You can prove it. So then they should just say that they’re counting entirely on economic growth to pay for a tax cut. Which is an interesting theory because that is what George Bush and let’s look at how that turned out, we had the slowest economic growth since World War II.

Burnett: They’re not saying entirely, they’re saying closing loopholes and economic growth, both. I understand you disagree with it.

Cutter: But that still leaves you at least a trillion dollars short. The math does not work with what they’re saying. And they won’t name those deductions, not a single deduction that they will close because they know that is bad for their politics. Now look, this is the center, this is the core of Mitt Romney’s economic policy. Last night, he walked away from it, said he didn’t have a $5 trillion tax cut. He does. That’s what lowering the rates amounts to.

The simple truth is that the Democrats want to punish the rich so much, they don’t care if they could actually get more revenues otherwise. Punishing ‘the rich’ is even more important to them than having more money to give to their constituents to buy votes.

What does that tell you?

This article was posted by Steve on Friday, October 5th, 2012. Comments are currently closed.

One Response to “Biden: ‘We Want To Raise Taxes By $1 Trillion’”

  1. evansj42 says:

    Who is John Galt????

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