Underestimating Mitt Romney’s tax plan
That study is riddled with errors. It acts as if deductions are the only loopholes Mr. Romney might close, when in fact there are hundreds of billions of dollars in other, non-deduction tax expenditures that could be used to help offset rate reductions and ensure that the plan is deficit-neutral.
The Tax Policy Center also ignored the increased economic growth that the nation would undoubtedly experience under the plan, and it continues to perpetuate the myth that this is a $5 trillion tax cut, even though the plan is revenue-neutral and even though that estimate includes the effect of lowering corporate tax rates, the cost of which would be handled separately.
The Post wrongly suggested that middle-class taxpayers would see their taxes increase, even though the Tax Policy Center itself acknowledges that the benefit of the cuts for the middle class is hidden in its analysis. Finally, the Tax Policy Center has done nothing to refute independent analyses from experts at the American Enterprise Institute, the Heritage Foundation, the Tax Foundation, Princeton, Rice and Harvard that have demonstrated the Romney plan works.
Over the past few months, The Post has engaged in a thoroughgoing discussion of Mr. Romney’s tax plan. It’s a discussion we welcome. We would also welcome a discussion of President Obama’s absolute lack of a plan when it comes to tax reform, deficit reduction and job creation. After four years in office, it is remarkable how little this president has to offer.
Pierce Scranton, Boston
The writer is the economic policy director of Romney for President.