Quote:
Originally Posted by spence
Making the Bush cuts permanent and cutting another 20% adds 5 TRILLION to the deficit over 10 years. This is from the CBO.
-spence
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yawn, you used to be above partisan talking points
- from Factcheck.org
To be clear, Romney has proposed cutting personal federal income tax rates across the board by 20 percent, in addition to extending the tax cuts enacted early in the Bush administration. He also proposes to eliminate the estate tax permanently, repeal the Alternative Minimum Tax, and eliminate taxes on interest, capital gains and dividends for taxpayers making under $200,000 a year in adjusted gross income.
By themselves, those cuts would, according to the nonpartisan Tax Policy Center, lower federal tax liability by “about $480 billion in calendar year 2015” compared with current tax policy, with Bush cuts left in place. The Obama campaign has extrapolated that figure out over 10 years, coming up with a $5 trillion figure over a decade.
However, Romney always has said he planned to offset that massive cut with equally massive reductions in tax preferences to broaden the tax base, thus losing no revenue and not increasing the deficit. So to that extent, the president is incorrect: Romney is not proposing a $5 trillion reduction in taxes.
And yes, I do believe in fairy dust
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