All of the pundits I have read have assumed the Mitt tax plan will give massive tax cuts to the wealthy and then make up for the loss of revenue by doing some combination of:
1. Cutting government programs for the poor and middle class
2. Increasing taxes on the non-wealthy
3. Increasing the deficit
On 9/24 at a debate with an economic adviser to Barack Obama, an informal adviser to Mitt Romney said that Romney wouldn't raise taxes on low-income people or on the middle class. For the rich:
If you think the base-broadeners don’t add up, if you think he can’t get to 28 percent, then the right thing that would happen, as you know, if you’re going to have a revenue-neutral reform, is that they would have a different change in rates.
The advisor Kevin Hassett said that Romney would reduce the overall tax rate for the rich so that the tax revenue reduction from the rate change would equal the tax revenue increase from cutting tax expenditures for the rich. So overall, the rich would pay the same amount of tax.
With that, Romney's tax plan is reduced to nonsense that won't pass Congress.
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