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Tax experts — including one who supports Romney’s plan — say the Republican presidential candidate’s promise to cut individual income tax rates without either favoring the wealthy or losing revenue isn’t mathematically possible. That’s 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 rival’s tax plan). And it’s 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.”
Originally posted by buster2010
I wouldn't be surprised if the idiot believed trickle down economics works too.
Romney’s proposed exemption for foreign profits would exacerbate the worst features of our current tax system. It would:
- Enhance the tax code’s rewards for moving jobs and investments overseas
- Provide a gratuitous windfall to some of the very companies that have already shifted jobs and profits overseas
- Further invite the offshore tax haven abuse that deprives the U.S. Treasury of tens of billions of dollars in revenue every year
In a white paper outlining his economic platform, Believe in America: Mitt Romney’s Plan for Jobs and Economic Growth, he offers a 59-point plan to create jobs and lower unemployment. Unfortunately, no amount of economic theory, real world evidence, basic arithmetic, or just plain logic could substantiate the belief that his 59-point jobs plan could create even 59 net new jobs in the U.S. economy… In total, by a conservative tally, Gov. Romney’s 59-point plan would actually cost the economy about 360,000 jobs in 2013 alone.
Originally posted by Blackmarketeer
Romney did not do his state's economy much good as Governor - it was 47th in job growth under his tenure.