Will the Romney 20% across the board tax cut add $5 trillion to the deficit if it is not offset by closing tax loopholes, eliminating certain deductions, or through spending cuts (ie screwing middle class and working class families)? Yes. And you add in $2 trillion in new and unnecessary military spending and you've got a real mess
Relying on simple math....
In 2013, the total federal revenue from income taxes is expected to be $1.7 trillion dollars. Twenty percent of that number is $340 billion dollars. Over ten years, without making any adjustments for inflation, the cost comes to $3.4 trillion dollars. Two percent inflation over 10 years gets the revenue projection of $1.7 trillion past $2 trillion in less than ten years which puts the cost of that 20% tax cut to well over $4 trillion dollars. $ trillion revenue loss is not out of the realm of probability....
Like everything else that comes out of Romney's mouth, it never get past the smell test factually.