TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, October 12, 2012

Tax Aspects of the Biden-Ryan VP Debate

Anthony J. Nitti (WithumSmith & Brown, Aspen, CO), Reactions to the Biden – Ryan Debate:

What did voters learn about the future of tax policy?

  1. Joe Biden and the $500 Billion Tax Cut for the Wealthy
  2. How Do You Define Small Business?
  3. The Competing Goals of Focused Deduction Elimination and Tax Reform

Update: Citizens for Tax Justice: Top Ten Tax Moments from the VP Debate:

  1. Biden Highlights the Regressiveness of Extending All the Bush Tax Cuts
  2. Ryan Promises the Mathematically Impossible
  3. Biden Calls Ryan Out for Taking Capital Gains Tax Breaks Off the Table
  4. Ryan and Biden Dispute the Definition of Small Businesses
  5. Biden Takes on Romney and Ryan’s Commitment to Grover Norquist
  6. Ryan Misrepresents History of 1986 Tax Reform
  7. Biden Revives Romney’s 47% Remark
  8. Ryan Claims Obamacare Includes 12 Middle Class Tax Hikes
  9. Biden Stumbles on the Primary Cause of Great Recession
  10. Ryan Wrong on How Much Revenue Could Be Raised by Taxes on the Rich

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The debate analysis of the activist "The Citizens for Tax Justice" doesn't pass the smell test.

Posted by: Woody | Oct 13, 2012 3:12:39 PM

Try this one: Vice Presidential Debate: True/False Quiz on Taxes and Entitlements

Can you guess which ones are true or false? (Answers and explanations at link.)

Medicare and Social Security are going broke.
Romney’s tax plan would cut deductions for the middle class.
Romney’s tax plan would cut taxes by $5 trillion.
Raising taxes on small businesses would cost 710,000 jobs.
The tax rate on small businesses would rise to nearly 45 percent under President Obama’s proposal.
About 120,000 high-income families would get an additional $500 billion tax cut over 10 years.
The capital gains tax rate is a loophole.

Posted by: Woody | Oct 13, 2012 3:20:27 PM

Biden stated a change in Obama's "tax the rich" proposal, which was later refuted by the White House.

Biden indicates shift to $1 mln threshold for 2013 tax increases

Carney Walks Back Biden’s Million Dollar Threshold for Tax Hike

Posted by: Woody | Oct 15, 2012 7:41:30 AM