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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWaPo: Bipartisan Report: Debt will swell under top GOP candidate's tax plans
According to the report set for release Thursday by U.S. Budget Watch, a project of the bipartisan Committee for a Responsible Federal Budget former Pennsylvania senator Rick Santorum and former House speaker Newt Gingrich would do the most damage to the nations finances, offering tax and spending policies likely to require trillions of dollars in fresh borrowing.
Both men have proposed to sharply cut taxes but have not identified spending cuts sufficient to make up for the lost cash, the report said. By 2021, the debt would rise by about $4.5 trillion under Santorums policies and by about $7 trillion under those advocated by Gingrich, pushing the portion of the debt held by outside investors to well over 100 percent of the nations economy.
The red ink would gush less heavily under former Massachusetts governor Mitt Romney, the report said at least under earlier Romney proposals that paired $1.35 trillion in tax cuts with $1.2 trillion in spending reductions and would leave the debt rising on a trajectory that closely tracks current policies.
But that probably changed Wednesday, when Romney tacked to the right and proposed to cut federal income tax rates by an additional 20 percent for all earners an idea that could easily slash federal revenues by another $3.5 trillion over the next decade, said Edward Kleinbard, a University of Southern California law professor and former chief tax analyst for Congress.
http://www.washingtonpost.com/business/economy/report-debt-will-swell-under-top-gop-hopefuls-tax-plans/2012/02/22/gIQAzAJvUR_story.html?wpisrc=al_comboNP
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WaPo: Bipartisan Report: Debt will swell under top GOP candidate's tax plans (Original Post)
Douglas Carpenter
Feb 2012
OP
CAPHAVOC
(1,138 posts)1. Debt will swell on any GOP or Obama. Except maybe Paul but he has Zero chance.
exboyfil
(17,853 posts)2. We need Ross Perot and his flip charts
Or should I say a charismatic Ross Perot type of person that lays the budget out. My conservative friend was surprised to find out that we spend $3,800/adult for defense in this country (DOD, VA, Energy Nuclear Security, and Energy Nuclear Environmental). $7,600 is probably more than him and his wife pay in Federal taxes, and they are pretty well compensated as a family (probably in the top 15% of family earners).