How are these four points possible without anyone paying more in taxes?
The Macros of Romney's tax plan. 1)All marginal brackets will be lowered by 20%. 2)It will be revenue neutral. 3)It will broaden the tax base. 4)It will eliminate credits, deductions and exemptions in the tax code. Applying paygo rules; how are all four points possible without anyone paying more in taxes? And if some wil pay more, shouldn't we the voters know who that will be?
Asked By: Matthew D Rises - 8/7/2012
Best Answer - Chosen by Asker
It goes back to Reagan, 30 years ago. Reagan pointed to something called the Laffer Curve, after economist Arthur Laffer. It showed revenue vs taxation, and that a SMALL decrease in taxation MIGHT cause an increase in revenue. Based on this, Reagan promised 'tax cuts across the board', 'tax cuts for all'. But when... More
Answered By: Mr. Smartypants - 8/7/2012
Additional Answers (6)
Bernanke couldnt even cover that with printing. very true he will have to raise taxes.
Answered By: I Z - 8/7/2012
Your unstated assumption is that the economy does not grow (explained later) therefore the income in this country will stay the same (wrong... More
Answered By: taurushead - 8/7/2012
Paygo? A concept promised, and undelivered by the Prez himself. Point #3 is particularly pertinent. Point #1 ideally would probably alleviate Point #4 Point #2.... That's a problem, considering how much debt dear leader has racked up since '09.
Answered By: Goldie - 8/7/2012
It will require massive cuts to the programs. Even then, several economic organizations say that he will be short. The last estimate I saw was about 600 billion... More
Answered By: Duke - 8/7/2012
Well, if NO ONE will have to pay any more in taxes, then what's the point of doing it... More
Answered By: Pat - 8/7/2012
Well, yes, some people will pay more. The people who pay 0 will of course pay more... More
Answered By: AnonymousGearhead - 8/7/2012
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