Romney tax plan would balloon U.S. deficit: report
The new report from the Tax Policy Center scored Romney’s plan on its cost and effect on taxpayers at different income levels. It estimated the plan would cut federal tax revenue by $600 billion, or 16 percent, in 2015.
This estimate assumes the Bush tax cuts are allowed to expire at the end of this year, as presently planned. If the Bush tax cuts do not expire, Romney’s plan would cut revenues by $180 billion in 2015, the center said.
“A Romney administration’s revenue agenda would look a lot like President George W. Bush’s, just more so,” said Howard Gleckman, resident fellow at the center, which also has analyzed the tax plans of other Republican presidential contenders, including Newt Gingrich, Rick Perry and Herman Cain.
Romney also recently came out against the proposed Pentagon spending cuts, despite the fact that Obama has officially ended two wars, and is probably going to end the third this summer.
If Romney ever releases his tax returns, is be willing to wager that his personal yearly tax savings under his own plan are greater than the lifetime earnings of your average American.
Heck, I’d bet you $10,000 on it if I had that much in my wallet…