It's the arithmetic, stupid!
Romney’s tax plan, by the numbers
By Ruth Marcus, WashPost, Published: September 25
There are three fallacies and two dangers at the heart of Mitt Romney’s tax policy.
Romney has been appropriately chided for dangling the promise of lower rates — with unpleasant details left intentionally blank. But there are even more fundamental flaws with his approach.
The first is the argument that cutting personal income tax rates would lead to economic growth robust enough to help pay for a big chunk of the cuts. The second, related, fallacy is the contention that raising rates on top earners would hurt growth. The third is that raising capital-gains rates would be even more harmful.
There is scant reliable evidence for any of the above, yet Romney and fellow Republicans hitch their entire economic argument to them. And their rabid pursuit of lower taxes leads to two dangers: further ballooning the national debt and further increasing income inequality.
(More here.)
There are three fallacies and two dangers at the heart of Mitt Romney’s tax policy.
Romney has been appropriately chided for dangling the promise of lower rates — with unpleasant details left intentionally blank. But there are even more fundamental flaws with his approach.
The first is the argument that cutting personal income tax rates would lead to economic growth robust enough to help pay for a big chunk of the cuts. The second, related, fallacy is the contention that raising rates on top earners would hurt growth. The third is that raising capital-gains rates would be even more harmful.
There is scant reliable evidence for any of the above, yet Romney and fellow Republicans hitch their entire economic argument to them. And their rabid pursuit of lower taxes leads to two dangers: further ballooning the national debt and further increasing income inequality.
(More here.)
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