Cut spending and bring in new revenue. It’s called balance, Republicans. It’s called doing two things at once to bring about a reduction in the deficit faster. From The Ticket:
President Barack Obama said in an interview partly broadcast Sunday that he would be “more than happy to work with the Republicans” to trim the swelling national debt — as long as they drop their opposition to raising taxes on the wealthiest Americans. “You can’t reduce the deficit unless you take a balanced approach that says, ‘We’ve got to make government leaner and more efficient,’” the president told CBS’s Scott Pelley. “But we’ve also got to ask people –like me or Gov. Romney, who have done better than anybody else over the course of the last decade, and whose taxes are just about lower than they’ve been in the last 50 years – to do a little bit more.” Obama said he would be willing to make “some adjustments to Medicare and Medicaid that would strengthen the programs.” “The way to do that is to keep health care costs low. It’s not to ‘voucherize’ programs so that suddenly seniors are the ones who are finding their expenses much higher.”
I’m glad one political party in this country doesn’t pretend that giving the wealthy more tax cuts somehow (magically) reduces debt. Letting the wealthy have more tax cuts gives them more available income they can offshore into foreign bank accounts and gives America less money to pay off its debt. Why does this even need to be said? Because yesterday Romney said “I am not reducing taxes on high-income taxpayers:“
Romney’s plan, in reality, would provide the very richest Americans a $264,000 tax break. It also maintains current tax rates on investments that are otherwise set to expire at the end of the year, and it eliminates the estate tax, paid by only the richest one-quarter of one percent of Americans.
Does that work out to a tax reduction for the rich in your mind? It does for everyone who’s based in reality.
Romney is apparently arguing that he will raise enough revenue through the elimination of tax loopholes that benefit the rich to totally offset the tax cut he provides them, though an analysis from the Tax Policy Center found that to be a mathematical impossibility.
Like his tax returns, which loopholes Romney plans to eliminate remain a closely guarded secret until after the election.