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6 Myths Pushed by FOX News to Ensure Rich Don't Pay Fair Share -- Debunked

Obama's proposal to let tax cuts for wealthy Americans expire will grow the economy and is supported by a majority of Americans. So of course Fox News is in frantic spin mode.

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On America's Newsroom, co-host Martha MacCallum asked why "Democrats are so unwilling to entertain" ideas "outside the tax hike":

MacCALLUM: Let's address the revenue side because Republicans are going to argue, Doug, that you can get increased revenues from rich people in other ways. You can take out loopholes and that will increase the revenues that come in. Why does it seem that Democrats are so unwilling to entertain the other possibilities of raising revenues outside of the tax hike? [Fox News, America's Newsroom,  11/15/12]

Stuart Varney: "We Refuse To Cut Spending Now, No, We're Going To Tax The Rich To Bring In More Money." On Fox and Friends, Fox Business' Stuart Varney claimed "we refuse to cut spending": 

VARNEY: [European countries] have to cut spending because they've run out of money. We're going in that direction. But we refuse to cut spending now, no, we're going to tax the rich to bring in more money. That won't work. [Fox News, Fox and Friends,  11/15/12]

FACT: Obama's Deficit Plan Includes Far More Spending Cuts Than Other Proposals

CNN: Obama Seeking "A Balanced" Deficit Reduction Package That Is Heavily Weighted Toward Spending Cuts. Obama has expressed a desire to extend tax cuts for individuals with incomes below $250,000, but has said he would veto any bill that extends tax cuts for those making above that level. According to CNN, Obama's policy director, James Kvaal, said the president is seeking "a balanced plan that cuts the deficit by $4 trillion with $2.50 worth of spending cuts for every dollar in revenue." [CNN,  11/9/12]

CBPP: $2 Trillion Of Deficit Reduction Is Enough To Stabilize The Debt Over The Next Decade. CBPP's Richard Kogan wrote that the $4 trillion figure for deficit reduction proposals "has assumed something of a life of its own," and that "there is no single magic number" for deficit reduction. He added that "there can be risks in policymakers setting their sights too high. If the political obstacles facing a much larger deficit-reduction package are too great, then insistence on a package that goes well beyond [$2 trillion in deficit reduction] could lead either to failure" or "to a package that provides false security because it is dominated by budget gimmicks that don't actually reduce our long-term deficits but merely appear to do so." [Center on Budget and Policy Priorities,  11/1/12]

Progressive Caucus Budget Includes More Revenue Proposals Without Cuts To Medicare Or Social Security Benefits. The Congressional Progressive Caucus released a budget for Fiscal Year 2013 that achieves $6.8 trillion in deficit reduction in a way that "makes no cuts to Medicare, Medicaid, and Social Security benefits." The budget includes a variety of tax increases for high earners, including raising taxes on capital gains and dividends, eliminates fossil fuel subsidies, and invests trillions of dollars in jobs and infrastructure. [Congressional Progressive Caucus, accessed  11/15/12]

Senate Democrats Propose One Dollar Of Spending Cuts For Every Dollar Of Revenue; Obama Proposes $2.50 In Cuts For Every Dollar Of Revenue. Obama campaign advisor James Kvaal told CNN that the president wanted "a balanced plan that cuts the deficit by $4 trillion with $2.50 worth of spending cuts for every dollar in revenue." Senate Democrats, on the other hand, are circulating a letter which says that "the president should insist on $1 in revenue for each $1 in spending cuts." [CNN,  11/09/12; Politico, 11/14/12]

3. MYTH: Raising Taxes Will "Kill Small Business"

Charles Gasparino: "You Want To Raise Taxes? You Are Going To Kill Small Business." 

During a discussion on America's Newsroom about a meeting Obama held with business leaders to discuss economic policy, Fox Business' Charles Gasparino claimed that Obama's plan to raise some taxes would "kill small businesses":

 
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