The Great Class Warfare War of 2011 saw “fighting” (useless bitching) continue well into Monday night, mostly on the television program of self-appointed Nassau County police dispatcher Bill O’Reilly.
What would happen to America if President Obama’s plan to raise marginal tax rates several percent on the highest incomes, along with closing or capping certain high-end loopholes and deductions, became law? Well, aside from the Apocalypse, Bill O’Reilly might just go on strike and refuse the economy his productive services!
During the 2010 debate over the expiration of the Bush tax cuts, Republicans continually claimed that allowing tax rates for the richest two percent of Americans to go back to where they were under the Clinton administration would disproportionately affect small businesses. The claim wasn’t true then — as just 3 percent of people with any business income at all, from a business large or small, would be affected if the top two tax rates increase — but that didn’t stop the GOP from parroting it over and over.
Presidential hopeful Mitt Romney today is unveiling a jobs plan in Nevada, which he previewed in a USA Today op-ed. “We must once again unleash the tremendous economic potential of the American people. The contrast between what the Obama administration has done and what I would do as president could not be starker,” Romney claims.
For the most part, the op-ed revives Romney’s stump speech, which focuses on his career at Bain Capital (a buyout firm) and a critique of the Obama administration’s tax and budget policies. But he also levels several factually challenged charges, while promoting many of the tired supply-side policy ideas that have been a staple of Republican policy for years. Here is a fact-check of Romney’s piece: