Skip to comments.Romney tax plan: Is it 'mathematically impossible' or not?
Posted on 09/28/2012 10:20:49 AM PDT by Cincinatus' Wife
One study said Mitt Romney's tax-reform numbers don't add up. Another says they do.....
.....The Tax Policy Center calculated that even if all tax breaks they assumed to be available under Romney's criteria were wiped out for high-income earners, it wouldn't be enough to keep Romney's plan revenue neutral. Middle- or lower-income households would need to kick an extra $86 billion a year to meet the target. How? Deductions and other tax breaks would have to be reduced by an amount outweighing their 20-percent tax-rate cut.
.....Separately this week, Romney-camp economist Kevin Hassett called the Tax Policy Center report "the most partisan thing that's come out of a think tank in my lifetime."
....William Gale, co-director of the Tax Policy Center, says the report he co-wrote didn't mean to imply that that Romney would seek to raise middle-class taxes. Rather, the main point was that tax reform along the lines Romney proposes would require tradeoffs.
Similarly, Mr. Dubay's report says that eliminating tax deductions to balance the Romney math would be "politically difficult."
The Heritage Foundation study uses the Tax Policy Center analysis as a starting point, but then argues that the $86 billion gap it cites in Romney's plan can be closed, mainly through a more aggressive elimination of deductions that are used heavily by upper-income households. Those deductions, including the one for municipal-bond interest and one for life-insurance interest, are ones that the Tax Policy Center figured would be protected under Romney's espoused goal of preserving incentives for investment.
So a core element of the debate is over what incentives for investment Romney would preserve or expand.......
(Excerpt) Read more at csmonitor.com ...
The Tax Policy Center is the group made up of former 0bama Administration officials. They are the ones that are lying in the TV ads who claim that Romney would raise middle class taxes.
Please don’t post propaganda.
The Tax Policy Center is a wholly owned propaganda arm of the Democrat party. It is a combination of the far Left Brooking institute and the farther Left Urban League.
Anything they publish should be granted the same credibility as a press release from the DNC.
Versus Bobo’s tax plan, which is 47% pay nothing, and 90% of that 47% actually draw money from the other 53% pockets.
Romney’s tax plan doesn’t go far enough, and not cutting enough taxes from the highest income earners is, profoundly, foolish!
where were these people when 0bama and crew were moving for 0bamacare?
$2.3 trillion/yr in healthcare costs and the govt will cover it with a 6.1% tax? that’s laughable.
the TOTAL taxes brought in is roughly $2 trillion. in order to cover 0bamacare, the fedgov would need to bring in an ADDITIONAL $2.3 trillion... at least... as the costs will spike when people believe medical treatment is ‘free’
One Obama campaign ad that claims Romney raises taxes on the middle class by $2000. That number is based on the assumption IF Obama can extend the Bush Tax Cuts for the middle class.
Romney wouldnt be President until January 20, 2013. Even if Romney wins, he couldnt extend the lower rates, the Bush Tax Cuts expire in December, 2012.
Social Security is mathematically impossible. It’s a Ponzi scheme. Does the media care?
I know who these groups are. Fox did a good report on how Obama's campaign is running the lying "Romney will raise taxes $2K per American family" ad.
This article explains somewhat, the back and forth of the issue.
forcing everyone to put 15% of their income into a private interest bearing account, untouchable until a certain age or certain conditions, should be able to sustain people into retirement
stealing that money and putting it into the general fund... then blowing it on welfare and other give-aways... yea, that’s not sustainable
why isn’t ANYONE blaming LBJohnson and the dems for stealing the country’s life savings?