Lakhota
Diamond Member
By Annie-Rose Strasser
The fact that Mitt Romneys tax plan is mathematically impossible was reinforced again on Friday, when Mark Zandi, a former John McCain campaign adviser and Chief Economist at Moodys Economy, admitted as much.
Speaking on CNNs Starting Point, Zandi acknowledged a study by the Tax Policy Center that shows Romneys plan to lower taxes by 20 percent across the board, while making up those losses in government revenue by closing loopholes on the wealthy, doesnt add up. Zandi even went so far as to say that the arithmetic doesnt work as it is right now:
ZANDI: Yeah, I think the Tax Policy Center study is the definitive study. Theyre non-partisan, theyre very good. They say given the numbers that theyve been provided by the Romney campaign, no, it will not add up. Now, the Romney campaign could adjust their plan. They could say okay Im not going to lower tax rates as much as Im saying right now and they could make the arithmetic work. But under the current plan, with the current numbers, no it doesnt. Ill say one other thing, though. I think it is important that we do focus on the so-called tax expenditures in the tax code. Those are the deductions, and credits, and loopholes in the code. We need to reduce those, because if we do were going to make the tax system fairer, easier to understand and ultimately lead to stronger growth. So thats the right place to focus. But, no, the arithmetic doesnt work as it is right now.
More: Economist: Romney's Tax Plan 'Doesn't Work'
Zandi- Romney's Math Doesn't Work - YouTube