Mitt Romney says his tax plan will do something miraculous:
- Give everyone in the country a 20% tax cut
- Be “revenue neutral” (raise as much tax revenue as the current system)
- Not reduce the percentage of total taxes paid by the highest-earning Americans
- Not raise taxes on the middle class
- Not raise taxes on poor people
- Not increase the debt or deficit
Well, we’ve taken a hard look at this plan, and we just can’t make the numbers work. Even when making very pro-Romney assumptions about growth and loophole elimination, we found that the Romney tax plan will radically increase the debt and deficit.
The Tax Policy centre, which is a non-partisan organisation, also couldn’t make the numbers work. The TPC concluded the plan is “mathematically impossible” unless Romney raises taxes on the middle class.
Yes, some Romney advocates have argued that the plan will work, but even some of them concluded that the plan would increase taxes on people that Romney considers middle class (those earning between $100,000 and $250,000).
Seeking to head off the Romney surge, the Obama campaign has now put out an ad starring the Democratic “explainer in chief,” Bill Clinton, explaining why Romney’s tax plan won’t do what he says it will do.
- The richest Americans, those making over $3 million a year, will get a $250,000 tax cut
- Middle-class families will get an average tax increase of $2,000
These issues are critical to the future of America, and we won’t help ourselves by believing in smoke and mirrors. So if you believe that Mitt Romney is telling the truth about his tax plan, explain yourself.
Why is Bill Clinton wrong?
(If your Romney support is due to the fact that you hate Obama and think anyone would be better, that’s fine, but it doesn’t answer the question. If you think Romney is just saying what he has to say to get elected, that’s also fine–and it actually does answer the question.)
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