Romney’s Arithmetic Gets A Failing Grade
The Romney tax plan is ripped to shreds by the nonpartisan Tax Policy Center.
“It is not mathematically possible to design a revenue-neutral plan that preserves current incentives for savings and investment and that does not result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers,” the study concludes.
Even if tax breaks “are eliminated in a way designed to make the resulting tax system as progressive as possible, there would still be a shift in the tax burden of roughly $86 billion [a year] from those making over $200,000 to those making less” than that.
What would that mean for the average tax bill? Millionaires would get an $87,000 tax cut, the study says. But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year.
If the Dems can get the word out, this one is going to hurt Romney big time. His campaign’s response so far has been to claim that the Tax Policy Center’s research was conducted by liberals. Well…
a) One of the authors of the report is a veteran economist from the Bush administration.
b) Last November, when the Tax Policy Center was critical of Rick Perry’s tax plan, Romney’s campaign defended the TPC and said they were “objective” and “non-partisan.”
c) And this:
the researchers “bent over backwards to literally give Romney every possible benefit of the doubt” and worked under the dubious assumption that more Republican tax cuts will stimulate the economy. Brookings/TPC ran the numbers while playing by Republican rules and the results were still a disaster.
The man whose sales pitch on his way to the White House centered on a single premise – that he and he alone had the business experience to lead the country out of its economic morass – has been shown again to be a fraud. Romney’s tax havens, hidden tax returns and now a tax plan that literally puts millions into his pocket and those of millionaires and billionaires while increasing taxes on the middle class exposes Romney in as clear a light as could be hoped for…and none of it is good.
The Romney campaign is going to spin this thing to hell and back. Let’s hope the Obama team can keep the pressure on until November with a barrage of ads along these lines.