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View Diary: Here's why Mitt Romney and Paul Ryan won't do the math on their tax plan (67 comments)

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  •  Greg Sargent has a blog post up called (6+ / 0-)

    Ryan Retreats Further Into Mathematical Fantasy.  According to Sargent, Ryan at a town hall meeting today appeared to take certain middle class tax deductions off the table under the Romney-Ryan tax plan:

    “If you subject more of their income to taxation — more of their income is taxed — and that allows us to lower revenues for everybody across the board. That means middle class taxpayers have lower tax rates, and there’s plenty of fiscal room to keep these important preferences for middle class taxpayers — you know, like charitable donations, or buying a home, or health care. Every time we’ve done this, we’ve created economic growth.”
    Ryan claims that closing loopholes for the wealthy will yield enough to permit the preservation of middle class deductions. Sargent notes the studies that show that that upper class loopholes won't yield enough to support a 20% across the board tax cut AND preserve middle class deductions:  
    By seeming to take some middle class deductions off the table, Ryan made the math even more hallucinatory. This might be good politics — Ryan is getting more specific in promising not to raise middle class taxes — but it further confirms that Romney and Ryan have completely jettisoned deficit neutrality as a goal of their plan, and that they are selling people a fiscal bill of goods that doesn’t pass the laugh test.
    •  any upper class loophole saving is, well, suspect. (0+ / 0-)

      consider someone in Mitten's position. If he lost his current variety of loopholes would he suddenly pay all of those extra taxes? Obviously not. His accountants would re-orient his funds to get the next best remaining loopholes. The wealthy will always have sufficient flexibility and advisors to adapt to a new situation; it's the middle class and working poor who dont have the opportunity to make wholesale changes to their tax strategies.

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