I think what grows the economy is that when you get that tax credit that we put in place, your kid can go to college.Barack Obama, on his support for middle-class income tax deductions. So far, both candidates have tried to appeal to the ability of parents and children to afford college, with Romney pledging to grow Pell grants near the start of the evening.
I’m gonna bring rates down across the board, but I’m gonna limit some deductions for people at the high end.Mitt Romney, continuing his pull to the center on deductions and taxation. Romney has called for a 20% tax rate across the board, and has in the past suggested that the mortgage income tax deduction might undergo some new limits.
Every few days he keeps on saying he’s going to reboot this campaign or they’re going to start explaining very specifically how this plan’s going to work, and then they don’t. They don’t say how you’d pay for $5 trillion in tax cuts that are skewed towards the wealthy without raising taxes on middle-class families. They don’t explain how you’d spend two trillion [dollars] more on military spending that our military hasn’t asked for without having you foot the bill. The math doesn’t add up.President Obama • Attacking Republican presidential nominee Mitt Romney, for announcing yet another campaign reboot, during his speech at rally in Hampton Roads, VA this morning. The President continued to slam the Republican presidential nominee over what he calls a lack of “economic patriotism,” a term that he debuted yesterday in a new political advertisement, and continued his push for higher taxes for millionaires. “My opponent thinks it’s fair that somebody who makes $20 million a year like him pays a lower rate than a cop or a teacher” said President Obama, adding, “I don’t think that’s fair.” source
6M Americans per year will pay a penalty under the Affordable Care Act’s individual mandate, according to a new CBO estimate
$8B in additional revenue per year will be collected via these penalties source
Our platform calls for a balanced deficit reduction plan where everyone, from elected leaders to the wealthy and super-wealthy, pay their fair share. And when your country is in a costly war, with our soldiers sacrificing abroad and our nation facing a debt crisis at home, being asked to pay your fair share isn’t class warfare; its patriotism.Newark’s Mayor Cory Booker • Delivering a speech to the Democratic National Convention tonight, in an adamant and impassioned style that provoked chants of both “USA, USA!” and “CORY, CORY!” The speech drew no comparisons between the President and his GOP rival Mitt Romney, and that’s not surprising – the Cory Booker political brand, much like Obama himself while a candidate in 2008, is built on a relentless positivity. There are plenty of Democratic figures who will make pointed attacks on Romney, but that wasn’t Booker’s role. Rather, his job was to deliver an affirmative speech, and launch the convention with a little electricity. source
I am not basing this on some figment of my imagination.Harry Reid • “Doubling down,” as they say, on his allegation that Mitt Romney paid no taxes for ten years. Reid sourced this claim to an anonymous investor in Bain, Romney’s old company, and in a conference call with reporters today, said that he’s “had a number of people tell me that [Romney paid no taxes].” When asked to back up his claim, Reid replied: “The burden should be on him. He’s the one I’ve alleged has not paid any taxes. Why didn’t he release his tax returns?” On the one hand, it’s easy to attribute an incendiary allegation to an anonymous source, as Reid has done. On the other hand, the only way to confirm or discredit this allegation is—you guessed it—for Romney to release his tax returns. source (via • follow)