Willard Romney’s budget has a couple problems. They are math and misanthropy. Every time anyone asks him or his boy wonder to explain the budget, they change the subject. They do so, because voters would turn away in disgust, if they understood what Romney and Ryan intend. The math problem is that their numbers do not add up. The misanthropy problem is how they intend to make up the difference by shafting the burden to the 99% of Americans, who would not benefit from the huge tax cuts for the 1%.
…The Claim: Romney’s tax plan can’t add up, Obama said. “It’s math,” he said. “It’s arithmetic.”
The Background: Romney has proposed reducing income tax rates by 20 percent and eliminating the estate tax and the alternative minimum tax. He says his plan would boost growth, while avoiding an expansion of the federal budget deficit because he also would curtail deductions, exemptions and credits. He says there are enough tax breaks for top earners that he would eliminate to avoid shifting the burden to the middle class.
The Facts: Romney’s tax plan can’t add up under congressional budget-scoring rules that don’t let him assume that economic growth will generate higher tax revenue.
Obama’s argument rests on an August analysis by the nonpartisan Tax Policy Center in Washington. That group sought to see if it was simultaneously possible to meet all of Romney’s principles: Cut tax rates, avoid shifting the tax burden to the middle class, don’t increase the budget deficit, and keep tax benefits for savings and investment.
The study found that, in 2015, $86 billion of the tax burden would be shifted to the middle class to keep the plan from increasing the deficit…
Inserted from <Business Week>
Photo credit: Other Words
Martin Bashir discussed the math and the misanthropy with Jared Bernstein and Jeffrey Sachs.
The Romney plan leaves $1 Trillion to stick on the poor and middle classes, if and only if he takes every single penny of deductions from the 1%. The notion that Romney would do so to his vulture capitalist cronies is fertilizer for your veggies, so it will be far worse than $1 Trillion. Their answer will be to gut Social Security, Medicare, Medicaid, Education, and everything else that does not benefit the 1%.