Romney's Tax Plan STILL Fails the Test of Basic Math
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Regardless of his claims in the debate, Romney can’t square this circle. Instead, what I fear will happen if he gets a chance to implement this idea in the current anti-tax climate is the classic tax reform trap I’ve written about many times. You promise lower rates paid for by a broader base, but what you end up with is just the lower rates, not the broader base. It’s a recipe for larger deficits and great after-tax inequality.
Finally, and this is very important, do we really need more large, permanent tax cuts? Romney’s essentially talking about another GW Bush-sized tax cut on top of making the Bush one permanent. Why would anyone other than a devout supply-sider impervious to the evidence of the Bush years want to go there, unless, like those with incomes above $3 million a year, they’re slated for an average tax break of $250,000?
And according to Gov R, even they should think twice, because they’re not getting a tax cut, as in the quote above from the debate. I suspect any of them who were listening didn’t believe him on that point, and I’m afraid they were right not to.