Romney's New Tax Plan: "If you are in trouble, promise to cut taxes. ..."
This is the first rule of Republican politics: If you are in trouble, promise to cut taxes. The second rule is similar: If you are in trouble and you have already promised to cut taxes, say you will cut them even more.
Romney didn’t completely junk his old plan, in which he had pledged to cut the tax rate on corporate profits from thirty-five per cent to twenty-five per cent, abolish the inheritance tax, and maintain Bush’s fifteen-per-cent rate on capital gains and dividends—and abolish it completely for people who earn less than two hundred and fifty thousand dollars a year. All these costly giveaways hold over to his new plan, where they have been supplemented with an across-the-board proposal to slash income taxes.
If you recall some of your grade-school arithmetic classes, where adding two negative numbers together gave you a larger negative number, you might suspect that cutting taxes for workers, businesses, investors, and dead people would produce a bigger gap between revenues and spending. This is the arithmetic that non-partisan budget experts are using when they estimate that Romney’s tax proposals would cost the U.S. Treasury somewhere between $4 trillion and $6 trillion over the next decade. But it’s also a misleading and unreliable type of arithmetic—according to Romney, anyway. “These changes will not add to the deficits,” he said with an impressively straight face. “Stronger economic growth, spending cuts, and base broadening will offset the reductions.”
Taken overall, though, his new plan goes well beyond tactical positioning. In promising yet another big round of tax cuts while simultaneously trying to depict the President as a feckless fiscal degenerate, someone who couldn’t balance his own checkbook, let alone the federal budget, Romney doesn’t merely come across as irresponsible. He looks desperate.
http://www.newyorker.com/online/blogs/johncassidy/2012/02/romneys-new-tax-plan-big-bold-and-desperate.html?currentPage=all
I think bush couldn't have come up with a more derelict and dangerous tax plan - 'cut taxes and everything will be fine - than the Mittser has come up with.
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