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Myth #8: Taxpayer-paid abortions

Obamacare contains an “abortion surcharge and a secrecy clause” that forces
"pro-life Americans … to pay for other people’s abortions.”
-Rep. Chris Smith (R-NJ), 03/15/2012


Actually, the health insurance reform legislation maintains the current law of no federal funding for abortions, except in cases of rape, incest or when the life of the woman is endangered. A federal judge recently wrote “the express language of the [Affordable Care Act] does not provide for taxpayer funded abortion. That is a fact and it is clear on its face.”

Read more in our new memo debunking the 12 biggest myths about the Affordable Care Act.

Myth #1: The largest tax increase in history

"Largest tax in history"

Obamacare is…the largest tax increase in the history of the world.
-Rush Limbaugh, 06/28/2012

Actually, the largest tax increase in the United States over the last seventy years was during World War II. The revenue from the provisions of the health care law is one-tenth that size. It is also one-third less than the tax law President Ronald Reagan signed in 1982.

Read more in our new memo debunking the 12 biggest myths about the Affordable Care Act

Senators say tweak to tax code would boost renewable energy

By Ben Geman

Sens. Chris Coons (D-Del.) and Jerry Moran (R-Kan.) say a small change to the U.S. tax code would provide a big boost to renewable energy projects.

The duo is floating legislation that would allow investors in green-power projects to use the “master limited partnership” tax structure, which is already available to investors in fossil fuel projects.

The lawmakers call it a “powerful tweak” to the tax code that would help steer capital into solar, wind, biofuels and other projects.

Coons, in a statement, said their “MLP Parity Act” will help “level the playing field by giving investors in renewables and non-renewables access to the same highly attractive master limited partnership business structure.”

MLPs are limited partnerships that are also traded on U.S. exchanges — a structure that the lawmakers call well-suited to getting capital into the energy space.

“In order to grow our economy and increase our energy security, sound economic tools like the MLP should be expanded to include additional domestic energy sources,” Moran said.

A summary, from the lawmakers’ offices:

By statute, MLPs have only been available to investors in energy portfolios for oil, natural gas, coal extraction, and pipeline projects. These projects get access to capital at a lower cost and are more liquid than traditional financing approaches to energy projects, making them highly effective at attracting private investment. Investors in renewable energy projects, however, have been explicitly prevented from forming MLPs, starving a growing portion of America’s domestic energy sector of the capital it needs to build and grow.

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New chart from Tax Policy Center.
shortformblog:

Obama vs. Romney on tax rates: As you can see, rates are largely the same—except for the nation’s richest and poorest. The poor would pay almost twice as much in taxes under Romney’s plan; meanwhile, the very richest in the country would be forced to cough up about 10% more of their income under Obama. The net effect? In short, Romney’s plan would reduce federal revenues to about 17% of GDP—down .9% from where they are now. Obama’s budget would raise revenues 19.2%, with most of that money coming from those making over $250,000 a year (Graphic and data courtesy of The Washington Post / Tax Policy Center).

New chart from Tax Policy Center.

shortformblog:

Obama vs. Romney on tax rates: As you can see, rates are largely the same—except for the nation’s richest and poorest. The poor would pay almost twice as much in taxes under Romney’s plan; meanwhile, the very richest in the country would be forced to cough up about 10% more of their income under Obama. The net effect? In short, Romney’s plan would reduce federal revenues to about 17% of GDP—down .9% from where they are now. Obama’s budget would raise revenues 19.2%, with most of that money coming from those making over $250,000 a year (Graphic and data courtesy of The Washington Post / Tax Policy Center).

(via ilovecharts)

With the “super committee” clock ticking, there’s a lot of distance to cover and not much time for the two sides to get together on a deal. But failure is not an option, so Third Way is submitting to the committee a real—and politically realistic—plan to achieve $1.2 trillion in net savings and enough deficit reduction to finance the President’s important jobs proposal.

Our 67-item plan includes $434b in new revenue, $549b in mandatory spending cuts and $420b in defense savings. It is not a wish-list for liberals or conservatives. And it will require both sides to dispense with intransigence and make some concessions. But it is also designed to hit the deficit target while allowing Democrats and Republicans to adhere to their principles and the spirit of their past pledges. It avoids the most contentious issues and is devoid of gimmicks.

A $1.2 trillion package won’t solve our deficit problem, and we would love Congress to reach a grand bargain. But success on the $1.2 trillion target will create momentum to address entitlements and revenue in the future. Our plan provides a map for building that momentum through bipartisan agreement.