“The bottom line is that whatever baseline you use, until Romney makes good on his promise to pay for his tax cuts, he would increase the deficit far more than Obama would.”
– The Tax Policy Center’s Robert Williams
Romney’s tax cuts for all those multi millionaires would increase the deficit by nearly $5 trillion over 10 years. That’s on top of keeping the Bush tax cuts for the rich. Romney has promised to close various loopholes to pay for his tax cuts, but he hasn’t specified which ones. And he’s not likely to because none of them are actually possibile.
- Romney Avoids Explanations of How to Pay for Campaign Promises – Bloomberg (bloomberg.com)
- It’s Becoming Clear That Mitt Romney Has Radically Changed His Plan For Taxes And The Deficit (businessinsider.com)
- Mathematically Impossible (theburningplatform.com)
- The Truth About “Romney Hood” (newyorker.com)
- RomeyRyanomics: A Bad Deal for the Working Class: (economistsview.typepad.com)
- Rhetoric Aside, Few Details Of Romney’s Tax Plan (npr.org)
- Obama: Romney tax plans increase burden on middle class (mysanantonio.com)
- Mitt Romney — The Potential Liar-in-Chief (sayitaintsoalready.com)
- Payroll tax cut OK’ed for all of 2012; high-earner recapture tax repealed (dontmesswithtaxes.typepad.com)
- Mitt Romney and the Fantasy Budget (businessweek.com)
Bob said this on CBS last Sunday:
Congress managed to get through last year without passing one single piece of significant legislation. It would be hard to do worse than that, but this crowd may actually manage to do it.
And there’s also a couple of fairly important items that have to be resolved one of these days: whether to let the Bush tax cuts expire at the end of the year, and whether or not to block a draconian $110 billion across-the-board cut in defense and domestic spending.
No word on what if anything they plan to do about those items. Truth is, no one expects them to do anything until after the election. The way it stands right now, if the U.S. Capitol caught on fire, this Congress could find a way to make it a partisan issue and do everything but call the fire department.
They went on vacation? I expect we’re paying for these yoyos to spin out at the end of the string.
Look at it this way:
- Bob Schieffer: Do-nothing Congress takes a break (cbsnews.com)
- Fiscal Cliff: What Really Happens If We Go Over It (dailyfinance.com)
- Rep. Jim Himes: Act now on Simpson-Bowles (darientimes.com)
- Headache awaits Obama post election (whitehouse.blogs.cnn.com)
- Congress, With Much Left to Do, Takes 5 Weeks Off (usnews.com)
- Budget office: Obama’s health law reduces deficit (kansas.com)
- Budget office: Obama health law reduces deficit (tbo.com)
- W.H.: ’12 deficit is $116 billion less than expected (politico.com)