COMMENTARY | President Barack Obama posted his tax plan Thursday in an easy-to-understand infographic on the White House website. The infographic outlines the Obama tax plan in detail-a sharp contrast to Mitt Romney’s trickle down tax plan as outlined in a Tax Policy Center analysis.
As usual it paints his opponent’s tax plan as a boon to the rich, while touting his as a boon to poor and middle-class Americans. The largest takeaway, however, is a radical mandate that only businesses which actually create new jobs or increase wages will be treated as “jobmakers.”
The release of the infographic coincided with President Obama’s criticism of Romney’s tax plan as a new rendition of the “trickle down tax cut fairy dust” that’s never delivered on its promise to create jobs, in a Colorado speech.
The Obama plan has its share of trickle down elements but, unlike Romney’s; it creates unprecedented accountability for the “jobmaker” bracket whose tax load is always lightened by a trickle down economic climate.
Both candidates’ plans call for tax reductions aimed at stimulating private sector growth. But the amazing part of Obama’s plan is a stipulation that’s been missing from trickle down economic plans since the Reagan years: A mandate limiting tax cuts to firms that hire new employees or raising wages.
Think about that for a second.
Creating jobs by rewarding companies for adding jobs rather than just being a business entity. It’s almost too logical to be a product of the 2012 Washington; but, as it is, it’s the fix that the American economy-and the foundations of trickle down theory itself-desperately needs.
Calling Romney’s tax plan “fairy dust” likely inspired some clever bumper stickers and pictures from the right. Then again, no similar plan has ever contained a job-creating measure beyond a hope that a body of wealthy elite will be converted from cold capitalists to warm-hearted philanthropists by a new tax break.
In light of that thought, the status quo ante of trickle down economics seems like a proposal that would have a tough time getting support from the fairies supplying the aforementioned dust. Two national polls give Obama a sizeable lead in, thanks in large part to his attacks on Romney’s tax records and policies.
As an independent voter, my choice for president isn’t set in stone yet. But, I do believe more in the Obama plan, if for no other reason because I know what it is. The Romney plan is still somewhat mysterious to me, even after lengthy research into the topic.
The direction of Obama’s economy isn’t foolproof. I have my doubts even though a Washington Post report suggests his policies have the economy on the upswing; but, at least they’re clearly stated.
And the stipulations in the Obama tax plan that pair clearly defined job making measures with focused tax cuts that actually make new jobs gives me more faith in President Obama’s economic stewardship.
Much more faith than vague, rehashed trickle down economic plans that too often reward businesses just for being businesses in the past.