Supporters Struggle To Defend Romney’s Tax Plan Math

Discussion in 'Politics' started by Free Thinker, Sep 25, 2012.

  1. i will bet jem would defend it. romney is bragging about eliminating tax on interest for middle class families at a time when they are earning no interest on their savings:

    The more details Mitt Romney provides about his tax plan, the closer he gets to validating the conclusion of a nonpartisan study that found his proposal is “not mathematically possible.”

    “I want to keep the current progressivity in the code,” Romney told CBS’ “60 Minutes” Sunday. “There should be no tax reduction for high income people. What I would like to do is to get a tax reduction for middle-income families by eliminating the tax for middle-income families on interest, dividends, and capital gains.”

    In other words, the Republican nominee promises that, after his across-the-board rate cuts and elimination of unspecified loopholes benefitting high income earners, the tax burden will be reduced for the middle class and remain constant for the wealthy. And yet he promises the plan won’t add to the deficit.

    “I don’t want a reduction in revenue coming into the government,” he said.

    Conservative economists have tried make the numbers work. Martin Feldstein — a Harvard professor and president emeritus of the National Bureau of Economic Research — released a paper arguing that the targets could be met if “middle class” is defined downward — specifically if Romney increases the tax burden on incomes between $100,000 and $250,000 to pay for tax rate cuts for everyone else. Feldstein’s report ratified the Tax Policy Center’s broad thesis that Romney’s 20 percent tax rate cuts could not be offset merely by unwinding deductions and credits for the wealthy — families typically defined by both parties as middle class would also have to take a hit.

    Romney has trumpeted Feldstein’s study in interviews, But when pressed about the unflattering specifics, Romney demurred, “I haven’t seen his precise study.”

    What the study found was that there isn’t enough money in tax loopholes for people in top tax brackets to offset the trillions of dollars Romney’s promised rate cuts would cost. Perks that benefit middle income earners like the mortgage interest deduction, and deductability of employer-based health insurance, charitable giving and state and local taxes would need to be limited or eliminated.
  2. wildchild


    At least Romneys plan has supporters. Obama offered a plan and it failed 99-0 in the Senate. He could not find one supporter for it. FAILURE,
  3. Romney's recent theme seems to be ''Elect me I will repeal everything''
  4. Lucrum


    + 16 Trillion...and counting...
  5. Ricter


    His plan's formula works when you include the "And Then A Miracle Happens" variable.
  6. Brass


  7. BSAM


    Romney really doesn't have a plan.
    Brother Herman Cain had a tax plan.
    These guys have a real tax plan, also:
    What we need is a tax plan that is understandable, instead of the scam plan we have now.
  8. Lucrum



    That'd be a cute cartoon for the big bang, life from inert dust...
  9. Brass


    Yeah, couldn't possibly be a magical supernatural god thing, eh?