Mitt Romney has hinted that he has a magical tax solution up his sleeve to be put into play if he is elected president. Though he hasn’t divulged many details on the plan, a team of financial experts crunched the numbers based on the best possible scenarios and came up with almost nothing, calling Mitt Romney’s suggested plan “mathematically impossible.”
Romney said that he would cut all marginal tax rates 20% without increasing the deficit or reducing the taxes paid by the top 1% of earners in the country. That’s the endgame, but the presidential hopeful has never really explained how he plans to make it happen, notes Newser. The non-partisan Tax Policy Center went ahead and crunched the numbers for Romney, and ruled that no matter what his strategy ends up being, the result is one of mathematical impossibility.
Ezra Klein of Bloomberg dedicated an entire column to the results of the Tax Policy Center, exhaustively detailing the results, variables, conditions, etc. The Center actually did everything in its power to make the numbers work – they assumed the most favorable economic conditions possible, including Romney’s proposed “implausibly large” growth effect estimates, and came up with nothing each and every time.
Notes Klein, “No matter how hard the Tax Policy Center labored to make Romney’s promises add up, every simulation ended the same way: with a tax increase on the middle class. The tax cuts Romney is offering to the rich are simply larger than the size of the (non-investment) deductions and loopholes that exist for the rich. That’s why it’s “mathematically impossible” for Romney’s plan to produce anything but a tax increase on the middle class.”
The middle class takes the burden each and every time, meaning that Romney’s tax plan is either fool’s gold, or he’s smarter than the folks at the Tax Policy Center. We won’t know for sure until Romney fully puts his plan on the table, but until then, Klein maintains that “the only thing he has put on table is dessert.”