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Multiple choice Mitt gets every option wrong on his tax plan

Posted by Charles II on October 17, 2012

Romney has proposed a 20% rate cut and limiting deductions to $17,000 or $25,000 or $50,000, depending how generous he’s being with imaginary money that day. So, would such a tax reform be revenue neutral, or even raise revenue?

Tax Policy Center:

Eliminating all itemized deductions would yield about $2 trillion of additional revenue over ten years if we cut all rates by 20 percent and eliminate the AMT. Capping deductions would generate less additional revenue, and the higher the cap, the smaller the gain. Limiting deductions to $17,000 would increase revenues by nearly $1.7 trillion over ten years. A $25,000 cap would yield roughly $1.3 trillion and a $50,000 cap would raise only about $760 billion.

Without more specifics, we can’t say how much revenue such limits would actually raise. But these new estimates suggest that Romney will need to do much more than capping itemized deductions to pay for the roughly $5 trillion in rate cuts and other tax benefits he has proposed.

So, even at its best, Romney is talking about cutting revenue by about $300B per year. Like, say, cut Medicare benefits by nearly half. That would do it.

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2 Responses to “Multiple choice Mitt gets every option wrong on his tax plan”

  1. Dickeylee said

    You just have to marvel at Mitts ability to top one false meme with another and another. Only years of practice can let you get so good at compounding your lies, until you actually belive yourself.
    On the upcoming medicare collapse, you wonder if all those republican doctors and all those republican hospital managers can’t see the end of the gravy train with the voucher’s a coming. Doctors don’t get very rich taking chickens and garden produce as payment…

    • Charles II said

      Selling out on the Hippocratic oath is just good business, Dickeylee. Medicare providers are already being paid much less than market, and the problem will get worse as long as healthcare costs keep rising far faster than inflation. Many are simply refusing to take on Medicare patients, regarding them as charity cases.

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