They are repeating the debunked left leaning TPC report. .
On Wed, Oct 17, 2012 at 11:18 AM, Larry C. Lyons <[email protected]> wrote: > > Another analysis of Romney's tax plan by the Third Way, a moderate non > partisan think tank: > > http://www.thirdway.org/publications/597 > > Governor Romneys tax plan contains nearly $5 trillion in specific tax > cuts over ten > years. The Governor has also said his plan will not add to the > deficit. To date he has > only proposed one specific policy to make up the lost revenuecapping itemized > deductions. However, our analysis finds that this proposal falls well short of > making the Romney tax plan revenue-neutral. > > Romney first suggested a $17,000 cap two weeks ago. Last week he said the cap > would only be $25,000 or $50,000. We ran the numbers on all three versions and > found that the cap only generates, at most, less than one-fourth of the > revenue > needed to be revenue-neutral. > > Specifically, the $17,000 cap would generate $1.0 trillion over 10 > years, the $25,000 > cap would generate $730 billion, and the $50,000 cap would generate > $390 billion. > What does this mean? Romneys most recent proposal, for a $25,000 or $50,000 > cap, would bring in only one-sixth to one-tenth the revenue needed. > Each version of > the Romney plan falls well short of the promise he made to keep his > tax plan revenueneutral. Based on our calculations, Governor Romney > needs to find up to $4 trillion in > additional revenue to make his numbers work. > > > Estimates of the size of the Romney tax cut vary. The Tax Policy > Center estimates a $456 billion loss > in 2015. See Samuel Brown, William Gale, and Adam Looney, On the > Distributional Effects of BaseBroadening Income Tax Reform, report, > August 1, 2012. Available at: > http://www.taxpolicycenter.org/publications/url.cfm?ID=1001628. > > Third Way 10-year revenue estimates are based on 2015 estimates, > multiplied by 10 years. > Calculations are based on Tax Policy Center data. Calculations assume > that recouped taxable income, > for each quintile of taxpayers, would be taxed at 80% of that > quintiles average marginal tax rate. See: > Distribution of Itemized Deductions by Cash Income Percentile, 2011, > Table, Tax Policy Center, > October 3, 2012. Available at: > http://taxpolicycenter.org/numbers/displayatab.cfm?DocID=3549. > Also see Average Effective Marginal Income Tax Rates, Distribution by > Cash Income Percentile, 2011, Table, > Tax Policy Center, October 30, 2009. Available at: > http://taxpolicycenter.org/numbers/displayatab.cfm?DocID=2503&topic2ID=150&topic3ID=1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:356199 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
