Dick Tuck
Board Troll
- Aug 29, 2009
- 8,511
- 505
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How do you know when a Hedge Fund CEO/vulture capitalist is lying? His lips are moving.
Why Romney’s tax plan won’t cut the deficit - The Washington Post
Why Romney’s tax plan won’t cut the deficit - The Washington Post
This month, Romney said that his tax reform proposal is very similar to the Simpson-Bowles plan. How I wish it were. I will be the first to cheer if Romney decides to embrace our plan. Unfortunately, the numbers say otherwise: His reform plan leaves too many tax breaks in place and, as a result, does nothing to reduce the debt.
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So although I give Romney credit for pledging to reform the tax code to reduce loopholes, his current proposal will not take us to the promised land. Our commissions tax plan broadens the base, simplifies the code, reduces tax expenditures and generates $1 trillion for deficit reduction while making the tax code more progressive. The Romney plan, by sticking to revenue-neutrality and leaving in place tax breaks, would raise taxes on the middle class and do nothing to shrink the deficit.
Obama hasnt gone as far in cutting spending, particularly in health care, as is necessary to stabilize the debt at a reasonable level and keep it on a downward path as a percentage of the gross domestic product. But in contrast to Romney, the president like the Gang of Six and other like-minded members of both parties has embraced the central principle of Simpson-Bowles: that America will turn the corner on its debt only if Republicans and Democrats come together to support a balanced deficit-reduction plan. For the numbers to work, both parties need to put aside partisanship.