"On tax cuts: Reagan lied, Bush lied; should Mitt be believed?"

On tax cuts: Reagan lied, Bush lied; should Mitt be believed?

by Viewpoint Staff

http://current.com/shows/viewpoint/blog/on-tax-cuts-reagan-lied-bush-lied-should-mitt-be-believed/

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One of the great mysteries in Mitt Romney’s campaign has been how to pay for the $4.8 trillion that would be lost from the 20 percent cuts he proposes in tax rates. Romney himself insists the plan is revenue neutral. Yet, to fill the gap. he suggested only one idea Tuesday night: No one could write-off more than $25,000 in tax deductions or credits. So let’s do the math – and we’ll get our number of the day: $4.1 trillion.

That’s how much the rate cuts would cost, even with that limit on write-offs, the Washington Post calculated that his cap on deductions would raise only about $730 billion. That’s not even close to covering what he needs, to make this plan revenue neutral.

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Ronald Reagan said he would close the deficit by cutting taxes – and the deficit went up.

George W. Bush said he would close the deficit by cutting taxes – and the deficit went up.



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