Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
2016 Postmortem
Related: About this forumNew Analysis: Under Any Scenario, Romney's Proposed Tax Plan Will Vastly Increase the Deficit
"In Tuesday nights debate, Mr. Romney again refused to say which deductions he would limit to pay for his tax plan (including his pledge to cut tax rates by 20 percent and eliminate the AMT) which would cost some $5 trillion over ten years. Instead, he said one way to curb deductions would be to cap the total amount that taxpayers can claim against their deductible expenses. Ill pick a number, he said, $25,000 of deductions and credits, and you can decide which ones to use.
When President Obama pointed out that Mr. Romneys numbers did not add up and would not even begin to pay for a $5 trillion tax cut, Mr. Romney got huffy, Well of course they add up. I I was I was someone who ran businesses for 25 years, and balanced the budget. I ran the Olympics and balanced the budget. I ran the the state of Massachusetts as a governor, to the extent any governor does, and balanced the budget all four years.
snip
The Tax Policy Center did the math yesterday. Capping deductions at $25,000 would raise $1.3 trillion in tax revenue over 10 years, $3.7 trillion short of what Mr. Romney needs to pay for his tax cut promises. Capping deductions at $17,000 a level the Romney campaign floated a few weeks ago would raise $1.7 trillion, a shortfall of $3.3 trillion. Even if Mr. Romney eliminated all itemized deductions, his plan would raise only $2 trillion, a deficit of $3 trillion.
Under any scenario he has sketched so far, Mr. Romneys proposed tax cut would blow a hole in the deficit. And for what? To preserve and enhance immense tax cuts for the already wealthy...."
http://takingnote.blogs.nytimes.com/2012/10/18/mitt-romneys-math-problem/
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 750 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (1)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
New Analysis: Under Any Scenario, Romney's Proposed Tax Plan Will Vastly Increase the Deficit (Original Post)
amborin
Oct 2012
OP
taught_me_patience
(5,477 posts)1. Romney's budget relies on growth to make up the shortfall
voodoo economic style. He didn't say it in the debates, because he was trying to confuse the issue.
fleur-de-lisa
(14,624 posts)2. Romney-Ryan is a FRAUD!
Mme. Defarge
(8,033 posts)3. Of course it will ...
That's the intent.