What Is Obama's Long-Term Plan to Rival the Romney/Ryan Plan?

[ajb]

The details offered so far in the Ryan plan -- the tax cuts he's described in some detail, the proposed changes to Medicare, Medicaid and Social Security, the virtual elimination of all federal spending on anything except those three programs and defense -- would have the net effect of raising the deficit. The claim that his plan will reduce the deficit rests on the vague promise that tax loopholes and subsidies will be cut, to make his tax cuts revenue-neutral. And we all know what happened when the Tax Policy Center tried to figure out how to do that, making very generous assumptions about economic growth in the process.

http://www.taxpolicycenter.org/UploadedPDF/1001628-Base-Broadening-Tax-Reform.pdf

Now, frankly, if Ryan wants to eliminate the mortgage interest deduction, for example, I'd be all in favor. But it would be nice if he'd tell people first.

[ajb]

The details offered so far in the Ryan plan -- the tax cuts he's described in some detail, the proposed changes to Medicare, Medicaid and Social Security, the virtual elimination of all federal spending on anything except those three programs and defense --

That is precisely what the Romney/Ryan plan will do. It will maintain obligations towards Social Security/Medicare, defense, law/order and basic infrastructure. Anything that can be pushed onto the states will be pushed onto the states, and the states can decide what is worth paying for and what is not. I've been saying for months that Romney is going to do exactly this while reforming the tax code.

This election is a debate about the type of America we want to have. Romney/Ryan have offered a plan for the long-term that champions free enterprise, strong defense, maintaining obligations towards Social Security/Medicare, and providing law/order. Obama and Co. only offer lies and attacks out of the Gray Davis 2002 playbook. Obama has no plan for the future. His plan is to kick the can down the road. His plan amounts to massive tax hikes down the road to fund worthless government boondoggles that most everybody does not want.

So, where do you think Ryan would eliminate tax loopholes? And how much revenue would he raise in that way?

[ajb]

The details offered so far in the Ryan plan -- the tax cuts he's described in some detail, the proposed changes to Medicare, Medicaid and Social Security, the virtual elimination of all federal spending on anything except those three programs and defense --

That is precisely what the Romney/Ryan plan will do. It will maintain obligations towards Social Security/Medicare, defense, law/order and basic infrastructure. Anything that can be pushed onto the states will be pushed onto the states, and the states can decide what is worth paying for and what is not. I've been saying for months that Romney is going to do exactly this while reforming the tax code.

This election is a debate about the type of America we want to have. Romney/Ryan have offered a plan for the long-term that champions free enterprise, strong defense, maintaining obligations towards Social Security/Medicare, and providing law/order. Obama and Co. only offer lies and attacks out of the Gray Davis 2002 playbook. Obama has no plan for the future. His plan is to kick the can down the road. His plan amounts to massive tax hikes down the road to fund worthless government boondoggles that most everybody does not want.

So, where do you think Ryan would eliminate tax loopholes? And how much revenue would he raise in that way?

Tax rates are going to be cut across the board, so most of the loopholes eliminated (and there will be many, although details will be ironed out after the election) will simply offset the rate reduction. The simplification of the tax code will lower accounting costs for individuals and businesses, further reducing costs associated with taxes for those who utilize loopholes/accountants.

The funny part is that the overwhelming majority of loophole/exemption eliminations will only apply to the wealthiest Americans, but Democrats will lie about that.

By the way, you have a red avatar. Can you please tell us about Obama's long-term plan for America? With all of the red avatars on here you would think that at least one person on here could explain Obama's long-term plan or admit that he does not have one.

If you don't like the Tax Policy Center's numbers, give me your own. But be aware that they say that Romney's tax plan would reduce revenue by $360 billion a year, which would require cutting the mortgage interest deduction, the deduction for employer-provided health insurance, the charitable contributions deduction, the EITC and child tax credit, and other tax credits and deductions, by in the neighborhood of 65%. And Romney's plan merely wants to keep the maximum tax rate for capital gains at 15%, where Ryan actually wants to eliminate taxation of capital gains altogether, so it's clear that Ryan's plans would require even bigger cuts to those deductions.
Like I said, if you or Paul Ryan or Mitt Romney don't like those figures (from a think tank that the Romney campaign itself has frequently cited, mind you), any of you would be perfectly free to present alternative figures, and then we could all discuss whose figures looked most accurate. But if nobody on the Republican side is willing to provide numbers on this front, well, how do you expect the rest of us to take you guys seriously?
And what right, then, do you have to complain that the other guy doesn't have a plan, when your guy clearly doesn't have a plan?

[ajb]

1) Obama is more opposed to Simpson-Bowls, than in favor of it.  So, that obviously isn't his plan.
2) The Ryan plan is the only serious plan(s) with a chance of passage in existence.
3) Obama hasn't outlined anything other than GENERIC BUMPER STICKER RHETORIC and Raising Taxes. 

Given that Ryan's plan leaves a hole of several hundred billion dollars a year in the budget, it hardly rises to the level of "serious plan."

[ajb]

David Stockman, former Reagan-era director of the OMB, says what I've been saying about the Ryan "plan":

The Ryan Plan boils down to a fetish for cutting the top marginal income-tax rate for “job creators” — i.e. the superwealthy — to 25 percent and paying for it with an as-yet-undisclosed plan to broaden the tax base. Of the $1 trillion in so-called tax expenditures that the plan would attack, the vast majority would come from slashing popular tax breaks for employer-provided health insurance, mortgage interest, 401(k) accounts, state and local taxes, charitable giving and the like, not to mention low rates on capital gains and dividends. The crony capitalists of K Street already own more than enough Republican votes to stop that train before it leaves the station.

In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices.

http://www.nytimes.com/2012/08/14/opinion/paul-ryans-fairy-tale-budget-plan.html?_r=3

[ajb]

David Stockman, former Reagan-era director of the OMB, says what I've been saying about the Ryan "plan":

The Ryan Plan boils down to a fetish for cutting the top marginal income-tax rate for “job creators” — i.e. the superwealthy — to 25 percent and paying for it with an as-yet-undisclosed plan to broaden the tax base. Of the $1 trillion in so-called tax expenditures that the plan would attack, the vast majority would come from slashing popular tax breaks for employer-provided health insurance, mortgage interest, 401(k) accounts, state and local taxes, charitable giving and the like, not to mention low rates on capital gains and dividends. The crony capitalists of K Street already own more than enough Republican votes to stop that train before it leaves the station.

In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices.

http://www.nytimes.com/2012/08/14/opinion/paul-ryans-fairy-tale-budget-plan.html?_r=3

Romney's vision is a federal government that does not overstep its bounds. Romney is in favor of a fundamental restructuring of the federal government. He favors a government committed to meeting obligations towards Social Security, Medicare, national defense, law/order and some basic infrastructure. In other words, Romney will end the era of Big Government. Clinton promised the end of Big Government; Romney will deliver it.

He's not going to deliver it, or anything else, without some credible math. You clearly know that, or you'd respond more effectively.