Quote:
Originally Posted by RIJIMMY
1. Lower rates and discontinue deductions so revenue is flat. Spurs small business, does not hurt middle class.
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Making the Bush cuts permanent and cutting another 20% adds 5 TRILLION to the deficit over 10 years. This is from the CBO.
There are not enough deductions to offset this and make it revenue neutral...nor is there any way that Congress would allow tax breaks like the mortgage interest deduction to simply be eliminated as the Middle Class would get hammered.
What Romney is assuming is that the tax cuts will magically spur massive growth to offset lost revenues. I've seen no global economic scenario that suggests this is even remotely possible.
Further, Romney would inherit a large deficit just like Obama did and Romney would run a large deficit throughout his entire term regardless of what spending cuts they may propose.
The idea he can dramatically lower taxes without incurring additional deficit spending is mathematically impossible unless you believe in fairy dust.
Do you believe in fairy dust?
-spence
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