FIRST PRESIDENTIAL DEBATE – Barack Obama VS Mitt Romney (Part 3)

Published on Oct 3, 2012 by LearnTVMore

Setting the record straight on the first presidential debate is very easy if you are a reader of the Heritage Foundation website!!! Here are some examples below taken from Romina Boccia‘s excellent article from October 4, 2012:

During last night’s presidential debate, claims were flying fast and furious. Some of these claims were true, others false. Here are the top 10—see which ones you can guess as either true or false.

4.      Romney would cut taxes by $5 trillion.

Obama: “Governor Romney’s central economic plan calls for a $5 trillion tax cut.”

False.Governor Romney’s tax plan doesn’t cut taxes. His plan is revenue neutral.

5.      Dodd–Frank promises to bail out “too-big-to-fail” firms.

Romney: “Dodd–Frank was passed. And it includes within it a number of provisions that I think has some unintended consequences that are harmful to the economy. One is it designates a number of banks as too big to fail, and they’re effectively guaranteed by the federal government.”

True.Dodd–Frank contains language that would make future bailouts of “too big to fail” firms inevitable, but it does nothing of consequence to reduce systemic risk.

6.      The oil industry receives $4 billion in corporate welfare that other businesses don’t get.

Obama: “The oil industry gets $4 billion a year in corporate welfare. Basically, they get deductions that those small businesses that Governor Romney refers to, they don’t get.”

False.A large part of that $4 billion figure comes from a broadly available tax provision and expensing options. These are neither subsidies nor corporate welfare. The tax deduction, under Internal Revenue Code Section 199, goes to all domestic manufacturing. Producers of clothing, roads, electricity, water, renewable energy projects, and many other things produced in the United States are eligible for the manufacturer’s tax deduction—including Hollywood movies.

FIRST PRESIDENTIAL DEBATE – Barack Obama VS Mitt Romney (Part 4)

Published on Oct 3, 2012 by LearnTVMore