Romney/Ryan budget tax cuts for the rich: that revenue cannot be saved by closing loopholes


Mitt Romney says Romney/Ryan doesn’t cut taxes for the rich because he cuts tax loopholes to counterbalance any tax cuts so that their tax rate does not decrease on Meet The Press. David Gregory doesn’t really ask any follow ups or know anything to debunk Romney’s plan.

The simple fact of the matter: there just aren’t enough loopholes to close to keep the rich at their already low tax rates. Ezra Klein makes it plain and simple:

2) The reason Romney’s plan doesn’t work is very simple. The size of the tax cut he’s proposing for the rich is larger than all of the tax expenditures that go to the rich put together. As such, it is mathematically impossible for him to keep his promise to make sure the top one percent keeps paying the same or more.

Tax Expenditures = tax exemptions, exclusions and deductions, etc. Basically, there are no amount of loopholes to be closed to offset any tax cut and maintain revenue.

You know what else proposes cutting income tax rates while eliminating loopholes and “widening the tax base”? Simpson Bowles. In reality, Simpson Bowles would be a tax cut for rich people’s income and a tax increase for middle and lower class peoples income.