Skip to main content

$251 billion - $165 billion = $86 billion tax cut
Here's the problem with Mitt Romney's tax plan arithmetic: If you give $251 billion in tax cuts to taxpayers earning more than $200,000 a year and eliminate just $165 billion in loopholes and deductions on those same taxpayers, you've given them a net tax reduction of $86 billion—and unless you want to add that $86 billion to the deficit, people earning less than $200,000 are going to have to make up the difference.

That's why they keep on punting when asked to do the math on their tax plan:

The math would be different if Romney's plan didn't include a $251 billion annual tax cut for taxpayers making more than $200,000—but it does.

And the math would be different if Romney's plan proposed eliminating more than $165 billion in loopholes and deductions on those very same taxpayers, but it doesn't—because it can't.

So what you have is a scenario where Mitt Romney is calling for a $251 billion annual tax cut (in 2015 dollars) for the highest income earners and even if he eliminated every conceivable tax break for those very same people, he'd only raise $165 billion—leaving him with an $86 billion hole.

Unless Romney reduces the size of his proposed tax cut for top earners (which Paul Ryan has ruled out) or decides to explode the deficit, under his plan the middle class will shoulder a great share of the tax burden. It's just math—it's really that simple.

Now, that didn't take long, did it?

Originally posted to The Jed Report on Tue Oct 02, 2012 at 11:09 AM PDT.

Also republished by Daily Kos.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site