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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy Marco Rubio is insisting that his massive tax cuts will pay for themselves, explained
http://www.vox.com/2015/10/6/9464559/marco-rubio-tax-planOn Tuesday, Marco Rubio told CNBC's John Harwood that his massive tax cuts which estimates have found would blow a roughly $4 trillion to $5 trillion hole in the deficit creates a surplus "within the 10-year window."
It is worth slowing down to make clear exactly what Rubio said there. Rubio's plan cuts corporate taxes, capital gains taxes, taxes on the rich, taxes on the middle class it cuts taxes on everyone. The cuts are so large that the New York Times called it "the puppies and rainbows plan." And what Rubio is saying is that his massive tax cut is actually going to mean more tax revenue for the government that two minus one will equal four....
Rubio's assurance will, to most tax analysts, sound like nonsense. And it is nonsense. A plan that massively cuts taxes isn't going to lead to budget surpluses. But it's nonsense that has been validated by an important conservative tax group, that shows the kind of candidate Rubio is looking to be, and that speaks to why the debate over taxes in Washington has become so dysfunctional....
Basically no serious economists believe this. Careful efforts to quantify whether tax cuts boost growth have led to estimates that they have a modest negative effect, a modest positive effect, or not much effect at all, depending on what assumptions you use. Mankiw, the former Bush adviser, described the idea that cuts boost growth so much that they pay for themselves as the province of "cranks and charlatans" in his economic textbook.
It is worth slowing down to make clear exactly what Rubio said there. Rubio's plan cuts corporate taxes, capital gains taxes, taxes on the rich, taxes on the middle class it cuts taxes on everyone. The cuts are so large that the New York Times called it "the puppies and rainbows plan." And what Rubio is saying is that his massive tax cut is actually going to mean more tax revenue for the government that two minus one will equal four....
Rubio's assurance will, to most tax analysts, sound like nonsense. And it is nonsense. A plan that massively cuts taxes isn't going to lead to budget surpluses. But it's nonsense that has been validated by an important conservative tax group, that shows the kind of candidate Rubio is looking to be, and that speaks to why the debate over taxes in Washington has become so dysfunctional....
Basically no serious economists believe this. Careful efforts to quantify whether tax cuts boost growth have led to estimates that they have a modest negative effect, a modest positive effect, or not much effect at all, depending on what assumptions you use. Mankiw, the former Bush adviser, described the idea that cuts boost growth so much that they pay for themselves as the province of "cranks and charlatans" in his economic textbook.
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Why Marco Rubio is insisting that his massive tax cuts will pay for themselves, explained (Original Post)
KamaAina
Oct 2015
OP
Rubio exiting the stage as a darling of the 1% since he hasn't a chance in hell at the whitehouse.
Gidney N Cloyd
Oct 2015
#4
Angry Dragon
(36,693 posts)1. Rubio is still drinking the fairy water favored by republicans
gohuskies
(1,155 posts)2. Rubio = delusional fool
His attempt to wrap up huge tax giveaways to the 1%ers is breathtakingly stupid especially since we already have the petrie dish experiment known as Brownbackistan's Kansas to show you where this plan leads...
This fool is not even close to ready for primetime. Can't wait to see what Booby Jindal uses to show he's got an even better 'plan'.
world wide wally
(21,739 posts)3. Will people buy more of this bullshit?
hifiguy
(33,688 posts)6. There is ALWAYS an audience for magical thinking
and triple-distilled horseshit in this country. Always.
Remember. only about 15% of 'murkans believe in evolution. The Derp is incredibly strong in the US.
Gidney N Cloyd
(19,823 posts)4. Rubio exiting the stage as a darling of the 1% since he hasn't a chance in hell at the whitehouse.
Major Nikon
(36,818 posts)5. At least he'll have a catchy campaign theme song