Romney Campaign Press Release - Obama White House Can't Get Its story Straight on Tax Hike Rationale

"President Obama's White House is still trying to re-write history on why they're pushing a tax hike plan instead of trying to get the economy moving again. Maybe that's because after three years of failed economic policies, the only thing President Obama is able to do is distract from his failure to create jobs and economic growth." —Andrea Saul, Romney Campaign Spokesperson

Today, The Obama White House Again Struggled To Explain Why They Were Pushing Their Tax Hike Plan:

White House Press Secretary Jay Carney, Today, On Tax Hike Plan: "Does Not By Itself Reduce The Deficit." QUESTION: "The president said in September that the Buffett Rule or millionaires tax would help stabilize the debt and deficit. In a conference call, the White House said the other day that it was not intended to go toward paying down the debt and deficit that's handled in the budget. Today the president said it's not all we have to do to close the deficit, but it will help us close the deficit. So, just to be clear, the White House policy on this is what?" ... CARNEY: "But let me just be clear, the fact that the money saved by eliminating this tax advantage that the wealthiest have here, or reducing the tax advantages that the wealthiest have here, does not by itself reduce the deficit, doesn't make it not worth doing." (White House Press Secretary Jay Carney, Press Briefing, 4/11/12)

Today's Comments Are Just The Latest In A String Of Conflicting Answers On Why President Obama Is Pushing His Tax Hike Plan:

White House Press Secretary Jay Carney, Yesterday: "No One Ever Suggested That Implementing The Buffett Rule Would Contribute In Large Measure To Reducing The Deficit." CARNEY: "I think the money we're talking about here, $47 billion over 10 years, is nobody's idea of a small amount, A. B, we never suggested -- the President, no one ever suggested that implementing the Buffett Rule would contribute in large measure to reducing the deficit." (White House Press Secretary Jay Carney, Press Gaggle, 4/10/12)

White House Economic Advisor Jason Furman, Two Days Ago: "Never Our Plan To Bring The Deficit Down And Get The Debt Under Control." "The Obama administration is emphasizing ‘fairness' over deficit reduction in its renewed pitch for the ‘Buffett rule' ahead of next week's scheduled Senate vote. Introducing a minimum 30 percent income tax on millionaires ‘was never our plan to bring the deficit down and get the debt under control,' Jason Furman, the principal deputy director of the White House National Economic Council, told reporters on a conference call Monday afternoon. ‘This is not the president's entire tax plan. We're not trying to say this solves all our economic problems, all our budget problems.'" (Josh Boak, "W.H.: Buffett Rule Not Answer To Debt," Politico, 4/10/12)

In September 2011, President Obama Claimed His Tax Hike Plan Could "Raise Enough Money" To Finance His Spending Priorities And "Stabilize Our Debt And Deficits." OBAMA: "What I've said is this is a very simple principle that everybody should understand: Warren Buffett's secretary shouldn't pay a lower [sic] tax rate than Warren Buffett. ... And that basic principle of fairness, if applied to our tax code, could raise enough money that not only do we pay for our jobs bill, but we also stabilize our debt and deficits for the next decade. And as I said when I made the announcement, this is not politics; this is math." (President Barack Obama, Remarks in San Diego, CA, 9/26/11)

The White House's Website On Their Tax Hike Plan: "We Need To Pay Down Our Deficit And Invest In Things That Help Our Economy Grow." "Anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead—not just a few. And at time when we need to pay down our deficit and invest in the things that help our economy grow and keep our country safe—education, research and technology, a strong military, Medicare and Social Security—giving tax breaks to millionaires simply doesn't make sense." (White House Website, www.whitehouse.gov, Accessed 4/11/12)

Maybe President Obama Can't Get His Story Straight Because His Math Doesn't Add Up:

President Obama's Tax Hike Is "A Drop In The Bucket Of The More Than $7 Trillion In Federal Budget Deficits" Projected Under His Policies. "That figure would be a drop in the bucket of the more than $7 trillion in federal budget deficits projected during that period. It is minuscule compared with the many hundreds of billions of dollars it would cost to repeal the alternative minimum tax, which Obama's budget last month said he would replace with the Buffett-rule tax." ("Report: 'Buffett Rule' Tax On Rich Would Do Little Against Deficits," The Associated Press, 3/21/12)

The Wall Street Journal: "This Year, The Buffett Rule Would Increase Federal Revenues By All Of $1.1 Billion. That's Less Than One-Tenth Of One Percent Of The $1.2 Trillion Budget Deficit..." "Joint Tax dutifully studied the bill and has delivered the official score: This year, the Buffett rule would increase federal revenues by all of $1.1 billion. That's less than one-tenth of one percent of the $1.2 trillion budget deficit Mr. Obama is scheduled to run this year. Through 2022 Joint Tax expects less than $47 billion in total new revenues from the Buffett rule while the government will be adding trillions of dollars to the national debt." (Editorial, "The Bottom 0.1%," The Wall Street Journal, 3/21/12)

Los Angeles Times: "More A Political Statement Than A Deficit-Reduction Tool..." "The proposed Buffett rule is more a political statement than a deficit-reduction tool, given how little money it may raise. In that sense, it's like Obama's oft-repeated call to eliminate tax breaks for corporate jets." (Editorial, "The ‘Buffett Rule,' And More," Los Angeles Times, 9/20/11)