Romney’s Impossible Tax Promise
http://factcheck.org/2012/08/romneys-impossible-tax-promise/
[font size="3"]Tax experts including one who supports Romneys plan say the Republican presidential candidates promise to cut individual income tax rates without either favoring the wealthy or losing revenue isnt mathematically possible.
Thats the conclusion of the
Tax Policy Center in a report the Romney campaign attacked as biased (although the campaign previously praised the TPC as objective, when it issued a report critical of a rivals tax plan).
And its also the conclusion of an expert from the pro-business Tax Foundation, who states that the Tax Policy Center analysis correctly identified the Romney plan as a tax cut, at least in static terms, that accrues mainly to high-income earners.
Romney has proposed very specific tax cuts. He would make the Bush-era income tax cuts and capital gains tax cuts permanent, then cut all income tax rates by an additional 20 percent across the board, repeal the Alternative Minimum Tax (which hits primarily upper-income taxpayers), and permanently repeal the estate tax (which currently applies only to estates valued at $5 million or more).[/font]
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