More through the link.The Tax Policy Center is completely non-partisan run by a Democrat and a Republican. They’re highly, highly respected and are viewed without any perceived bias other than math and facts. I’m saying that in advance because after this news breaks – Republicans will move to blame the ref here. The Tax Policy Center has issued an updated report on Mitt Romney’s tax plan given his proposed changes to allow a $25,000 deduction cap for the wealthy. Here is what they found in basic terms.
#1 -Romney’s plan to reduce income tax rates for everyone would cost $5 trillion.
#2 – If you eliminate every single deduction available – that would increase revenues by $2 trillion.
#3 – If you give a $25,000 deduction cap like Romney has proposed – there would no longer be a $2 trillion increase in revenues … it would now only be $1.3 trillion.
So – Romney’s plan to reduce income tax rates by $5 trillion and then offset those reductions by eliminating deductions with a $25,000 cap would add only $1.3 trillion back …. and thus – the government would be short revenues by $3.7 trillion what it is currently set to receive. And Romney’s entire plan is predicated upon reducing the rates for the wealthiest families from 35% to 28%. That’s the ENTIRE REASON for his tax plan.
But Romney has said that his tax plan would not add to the deficit. The only way to square that is the increase in taxes Americans would pay due to the elimination of popular tax deductions. So – if you own a home – you would no longer have a mortgage tax credit. If you pay state and local taxes – those taxes are no longer tax deductible.
There are only two possible solutions …
Either you increase taxes on the middle class by $3.7 trillion over 10 years which means A LOT of money per middle class family or you increase the deficit by $3.7 trillion. There is no other option. Because – it is just math. It’s mathematically impossible any other way.
I feel HVL will still vote Romney, not because he's white, but because... fuck, I don't know what other reason there would be if, as he says "he wants to keep his money." Pay more taxes, vote Romney!
