Obama says his plan will cut deficits by $4 trillion. The independent source that supports that claim is a liberal think tank. Another group, one that puts a premium on deficit reduction, gives the president credit for moving in the right direction but thinks he wont get as far as he says he will. They think the presidents plan might get close to the $3 trillion mark, but not $4 trillion.
According to Obama, Romney said it was tragic to end the war in Iraq. Romney characterized Obamas 2011 removal of troops from the country with that word, but he was talking about the pace of the drawdown. Romneys point, held by other Republicans, was that Obamas drawdown happened too quickly and would lead to an unstable transition for Iraq. Biden claimed Romney said, its not worth moving heaven and earth, and spending billions of dollars to catch Osama bin Laden. Romney said the countrys focus should not be on one person, but it should be a broader strategy to defeat the Islamic jihad movement.
The president overstated the strength of the U.S. automotive industry. GM has indeed made a comeback: it was the top in global sales in 2011. GM is currently second in sales behind Toyota. Biden used a disputed figure to attack Romneys proposal to overhaul the taxation of multinational corporations. Biden quoted one study from one expert, but experts in general disagree on the effects to the job market. Biden attacked Romney for wanting to raise taxes on the middle class, even though Romney says he wont do that. Biden refers to an analysis from the Tax Policy Center of the Romney plan that cuts income tax rates across the board by 20 percent and pays for it by eliminating and reducing tax deductions and credits. TPC found that such a plan would increase the tax burdens on middle- and/or lower-income taxpayers. Under one scenario, it said that taxpayers with children who make less than $200,000 would pay, on average, $2,000 more in taxes.
When Biden says the Romney plan would immediately cut benefits for more than 30 million seniors already on Medicare, hes referring to Romneys promise to dismantle the Affordable Care Act. Under the ACA, seniors on Medicare are entitled to free annual preventive care and increased prescription drug coverage. Romney has not advocated cutting any of the traditional benefits provided by Medicare. Bidens claim that theyre not for preserving Medicare at all, is also misleading. Under the Romney/Ryan plan, those 55 and older would remain in traditional Medicare. For those currently under 55, the Romney-Ryan plan would institute a new premium-support plan beginning with new beneficiaries in 2023.
Obama wants to reform the tax code so that its simple, fair, and asks the wealthiest households to pay higher taxes on incomes over $250,000 the same rate we had when Bill Clinton was president, the same rate we had when our economy created nearly 23 million new jobs. Obama has signed some new taxes to help finance the ACA. Starting Jan. 1 next year, the wealthiest taxpayers will pay an additional .9 percent for Medicare payroll taxes. They will also be subject to a 3.8 percent tax on investment income from such things as stocks, bonds and sale of real estate. For these taxpayers, some will see an increase. Some may pay less.
The fact checkers had difficulty checking the Democratic National Convention. Many claims where false, while being justified upon analysis, i.e. Romney will raise taxes on the middle class. Go to the sources below for further reading.
http://www.politifact.com/
http://www.factcheck.org/
