Thursday, April 19, 2012

Republicans Fiscal Buffoons: Romney Tax Cuts not Paid for. Not again?

The Washington Post thought the public should know:
Romney's plans to eliminate deductions wouldn't pay for his tax cuts. "Romney has said that his plan to cut taxes by 20 percent across the board will be revenue neutral...Romney opened up to his donors a bit on this score: 'I’m going to probably eliminate for high income people the second home mortgage deduction'

So how much of the cost of Romney’s tax cuts would be covered by the elimination of these deductions? Only one-tenth, according to a tax expert I spoke to today.

The nonpartisan Tax Policy Center has estimated that Romney’s tax cuts would cost $480 billion in revenue in 2015, relative to current policy, and could even grow in the years after that.

The Tax Policy Center’s Roberton Williams tells me that by his estimate, the measures Romney identified in his chat with donors would save between $45 billion and $50 billion in 2015." Greg Sargent in The Washington Post.

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