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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRepealing Deductions Pays for 4% Tax Cuts, Study Says
http://www.bloomberg.com/news/2012-10-12/repealing-deductions-pays-for-4-tax-cuts-study-says.htmlImmediate repeal of some of the most popular tax benefits would pay for only a 4 percent cut in U.S. income tax rates, according to an estimate by Congresss nonpartisan scorekeeper that illustrates the mathematical and political challenges of financing rate cuts by limiting tax breaks.
The analysis by the Joint Committee on Taxation emphasizes the difficult choices facing lawmakers as they balance the benefits of rate cuts against the consequences of changing or ending deductions, such as for mortgage interest and charitable contributions. Republican presidential nominee Mitt Romney proposes a 20 percent income-tax rate cut and says he would pay for it by limiting deductions, credits and exemptions.
While there are major differences between the assumptions underlying Romneys plan and the JCT study, the findings emphasize shortcomings in Romneys approach, said Daniel Shaviro, a tax law professor at New York University.
There really is no serious dispute that the parameters of their plan cant be met, Shaviro said. Its like saying youre going to drive from Boston to Los Angeles in 10 hours without speeding. Theres just no way to make the numbers add up.
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Repealing Deductions Pays for 4% Tax Cuts, Study Says (Original Post)
xchrom
Oct 2012
OP
Tennessee Gal
(6,160 posts)1. This should be spread far and wide!
There really is no serious dispute that the parameters of their plan cant be met, Shaviro said. Its like saying youre going to drive from Boston to Los Angeles in 10 hours without speeding. Theres just no way to make the numbers add up.
Jim__
(14,077 posts)2. This needs lots of media coverage - and also Obama mention at the debate. - n/t
liberal N proud
(60,334 posts)3. Damn it all - - The RICH need their tax cuts!
jsmirman
(4,507 posts)4. This is important