So Mitt's big tax plan is to cut rates for everyone, even the really rich, by 20% He says he work it out to be revenue neutral by eliminating deductions and loopholes, prompting some to wonder if everything's going to even out, why do it at all? Why go to all the trouble of lowering rates if the outcome is that they still pay the same amount of taxes? To me, the most obvious answer is that they know it'll only be a matter of time before they get their loopholes back, and then they'll have their lower rates to go with them.
Furthermore, who do you think these new loopholes will benefit the most?
Let me give you a hint: Do you have your own lobbyist?
Guys like Mitt Romney can hire a lobbyist to get approval to renovate their home. Do you have that kind of juice? I didn't think so. Mitt's buddies do, though. They can go to Congress and get their loopholes back and we'll be stuck with the bill.
Even if the math for Mitt's plan did work (which it doesn't), it wouldn't work for long. The only real question is, how long after Mitt's rich buddies get their rates cut will they start leaning on Congress to give them their loopholes back?
9:51 AM PT: It's been pointed out that loopholes that benefit the wealthy aren't likely to be eliminated to begin with. That's a fair argument, but for the purpose of this post, which is a rebuttal to Romney's stated plan, the assumption is that they would do so as planned.