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Cost-of-cuts claim
RELATED ARTICLES
Explain
⌅
Visualizing the Romney Tax Debate
Visualizing the Romney Tax Debate☜Tax reform has emerged as a major bone of contention in the 2012 Presidential election campaign. While President Obama has identified some tax changes, Governor Romney proposes major systemic reform. But is his plan - especially the proposals for individual taxation - viable?☜F1CEB7
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Romney's plan stated
Romney's plan stated☜For individual taxation, Romney proposes rate cuts for all taxpayers to be funded by reducing or eliminating various tax preferences. His plan aims to do this without raising the tax burden on low and middle income taxpayers, defined as $200,000 or less. It also abolishes several other taxes.☜59C6EF
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But does it compute?
But does it compute?☜In early August the Tax Policy Center produced an analysis showing that achieving all the goals of the Romney plan is mathematically impossible. Romney cited six studies in reply. Economists, journalists, bloggers and others then joined in on both sides. So is the plan mathematically possible?☜FFB597
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No - it does not compute
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The TPC case
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Cost-of-cuts claim
Cost-of-cuts claim☜☜FF97FF
↳
Obamacare inclusion
Obamacare inclusion☜The revenue baseline is inflated. The TPC included in its baseline Obamacare taxes which Romney has not pledged to offset. This point is conceded by some defenders of the TPC analysis such as Josh Barro (see citation).☜EF597B
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Growth effect claim
Growth effect claim☜In estimating the revenue effect of the Romney tax reform, the TPC authors needed to make some assumptions about how tax reform affects economic growth. They argue that Romney tax reform would have little effect on GDP growth - but that their conclusions are robust even if some growth eventuates.☜FF97FF
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Available savings claim
Available savings claim☜The TPC set out a number of assumptions concerning the amount that could be raised by eliminating tax expenditures that benefit high income earners in the individual tax system (the analysis does not include corporate tax). These are enumerated in the cited section.☜FF97FF
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High income threshold
High income threshold☜In setting the income threshold below which people are to be considered low or middle class - and therefore to be protected from diminished tax concessions - the TPC took the $200,000 figure mentioned by Romney in the campaign, severely limiting potential savings from cutting the concessions.☜FF97FF
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Graph of this discussion
Graph of this discussion☜Click this to see the whole debate, excluding comments, in graphical form☜dcdcdc
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Entry date (GMT):
10/30/2012 1:54:00 AM
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