Thursday, August 30, 2012

FACTS MATTER: The Ultimate Guide To Mitt Romney’s Convention Speech

Politicians from both parties twist facts or spin policy, but Mitt Romney's presidential campaign has had a particularly strained relationship with the truth, repeating false claims with impunity — even after fact checkers, mainstream media organizations, and blogs have all debunked their assertions.

From claiming that "Obama gutted the welfare work requirement" to insisting that his own policies won't deregulate Wall Street, Romney has led a post-truth campaign. A top adviser even admitted earlier this week, "We're not going to let our campaign be dictated by fact-checkers."

ThinkProgress has compiled a Viewer's Guide comparing what Romney says with the facts:

Romney On His Tax Plan || Romney On Wall Street || Romney On The Budget
Romney On Bain Capital || Romney On Obamacare || Romney On Medicare
Romney On Women's Health || Romney On Energy || Romney On Global Warming
Romney On The Auto Bailout || Romney On Welfare Reform || Romney On Food Stamps
Romney On Security || Romney On LGBT rights

Romney on His Tax Plan

"The highest income people will continue to pay the largest share of the tax burden and middle-income taxpayers, under my plan… So, we're not going to reduce taxes for high-income people." [CBS, 8/12/2012]

REALITY: Under Romney's plan, someone in the richest 1 percent of Americans would receive a $60,000 tax cut, while someone in the richest 0.1 percent would receive a $264,000 tax cut. Even under the most generous assumptions about the elimination of tax deductions — so assuming Romney eliminates loopholes and deductions in the most progressive way possible — millionaires still receive an $87,000 tax cut, while the middle-class sees their taxes go up. [Tax Policy Center, 2/23/2012; Tax Policy Center, 8/1/2012]

"The people in the middle, the hard-working Americans, are the people who need a break, and that is why I focused my tax cut right there." [GOP debate, 10/11/2011]

REALITY: A Tax Policy Center analysis of Romney plan showed that — even under the most generous assumptions — Romney's plan raises taxes on everyone making less than $200,000. Middle-class families would see their taxes go up by $2,000 per year. [Tax Policy Center, 8/1/2012]

"The U.S. economy's 35 percent corporate tax rate is among the highest in the industrial world, reducing the ability of our nation's businesses to compete in the global economy and to invest and create jobs at home," Romney's website reads. [MittRomney.com, 8/16/2012]

REALITY: While America has the second-highest corporate tax rate on paper, once all of the loopholes, credits, and deductions are accounted for, its corporate tax rate is the second-lowest in the developed world. The U.S. raises far less in corporate taxes as a percentage of its economy than other nations, including the UK and Canada. Many of America's most profitable corporations pay literally no taxes. [Citizens for Tax Justice, 6/30/20114/9/2012; Center for American Progress, 6/10/2011

Romney on Wall Street

"Look, no one is talking about deregulating Wall Street." [ThinkProgress, 8/15/2012]

REALITY: Romney has called for the full repeal of the Dodd-Frank Wall Street Reform Act, the first major overhaul of the nation's financial regulatory system since the Great Depression, and while he has supported a "streamlined regulatory framework," the only specific regulations he mentions in his plan are already in Dodd-Frank. His own running mate is certainly talking about deregulating Wall Street: the House GOP budget authored by Ryan dismantles key parts of the law. [ThinkProgress, 8/25/20118/13/20128/15/2012]

"The rate of regulatory burden has increased four-fold since Obama has become president. Four times the amount of regulation coming out per year as in the past. And so businesses say, 'gosh, I'm not sure I want to invest in America.'" [ThinkProgress, 12/12/2011]

REALITY: Obama approved 613 new rules during his first 33 months, 4.7 percent fewer than Bush did in the same timespan. The campaign initially claimed that "the governor misspoke" in levying the charge, but Romney keeps using it. [NPR, 9/9/2011, Bloomberg, 10/25/2011]


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