Tax experts — including one who supports Romney’s plan — say the Republican presidential candidate’s promise to cut individual income tax rates without either favoring the wealthy or losing revenue isn’t mathematically possible.
That’s the conclusion of the Tax Policy Center in a report the Romney campaign attacked as “biased” (although the campaign previously praised the TPC as “objective,” when it issued a report critical of a rival’s tax plan).
The Tax Policy Center issued its report Aug. 1. It’s called “On the Distributional Effects of Base-Broadening Income Tax Reform.”
And it’s also the conclusion of an expert from the pro-business Tax Foundation, who states that the Tax Policy Center analysis “correctly identified the Romney plan as a tax cut, at least in static terms, that accrues mainly to high-income earners.”
Romney has proposed very specific tax cuts. He would make the Bush-era income tax cuts and capital gains tax cuts permanent, then cut all income tax rates by an additional 20 percent across the board, repeal the Alternative Minimum Tax (which hits primarily upper-income taxpayers), and permanently repeal the estate tax (which currently applies only to estates valued at $5 million or more).
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Romney has said he would offset the loss of personal income tax revenue (estimated at $360 billion a year by the Tax Policy Center) by reducing tax deductions and credits. And he has said he would do this while making sure that those at the top keep paying the “same share of the tax burden they’re paying now.”
Please take a moment to read the report in its entirety. Knowledge is power. http://factcheck.org/2012/08/romneys-impossible-tax-promise/
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Originally seen on http://elev8.com/