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Travis
Help me Understand Mitt Romney's Tax Plan and How it solves our Deficit and Debt Problems...?
So, the only things I know about Romney's tax plan are this: He wants a 20% across the board cut. He wants to make it "Revenue Neutral" by closing deductions and loopholes. The only specific deductions and loopholes I can find Mitt Romney mentioning are that he's going to eliminate the estate tax for the wealthy, eliminate the capital gains tax (Which is largely paid by the wealthy), he wants to keel the oil and has subsidies of $4 Billion per year, he wants to keep the deductions for corporate jets, he wants to keep the "re-patriation" loophole for corporate profits overseas, he wants to lower the overall corporate tax rates for small businesses (even billionaire hedge funds). With the cost of the 20% tax cut alone being $5 Trillion (not including all of the other tax advantages for the top 1% that he wants) and with the $2 Trillion that he wants to give to the military that they aren't requesting.....How can we add $7 Trillion over four years with all of those other tax revenues being cut so deeply and pay for it??? How will this not add to our $16.2 Trillion national debt? How will this help balance the deficit? Am I missing something here?
3 AnswersElections9 years ago