Mitt Romney has just over a week to find out if he will be the next President of the United States. In a Presidential race that has busted past the $1 Billion mark for campaign funding between both himself and President Obama, it has been about the economy for the most part.
Romney has touted he has an economic plan to recover America from it’s several year long recession/recovery that has stagnated growth. What is that tax plan? Well, if you ask Mr. Romney he will basically tell you, “trust me I know what I’m doing.” In a race that he has deemed Barack Obama out of touch economically and hiding many things from the public, it to me at least, is kind of ass-backwards to be vague on your own plans in return.
So what is his plan? What has he promised to do? To not do? To cut and to keep? Where are the facts amid all the political crap throwing? Here is what the numbers say, and numbers rarely lie.
The Tax Policy Center, which is a non-partisan economic group that fact checks all politicians and their economic honesty, has come out saying that Mr. Romney’s plan is in fact, not feasible. Let’s run down his promises really quick:
- Cutting marginal tax rates by 20%
- Keeping protection on investment income
- Lowering the national deficit
- NOT increasing the tax burden on low/middle income families
- Keeping the mortgage and college tax write-offs
These are the major ones that are consistently in the news and also include in there his guarantee to lower both taxes and the deficit. A guarantee…not a “I will try” but a guarantee.
Ok so basic mathematics real quick… if you are cutting $4.8 trillion from your budget (Romney’s lowered tax rates guarantee) and you are also promising to lower the deficit…how do you do that with less income than you even have now? I know some people will say, “Well the Iraq and Afghan wars are nearly over, so why not use that money?” I understand that argument… but you forget (unless you read my previous article on the debate) that we have had both those wars on credit cards… Chinese credit cards to be exact.
So again the question arises. How the hell do you lower the deficit AND lower taxes simultaneously? According to the Tax Policy Center… it isn’t possible. Now just like any politician and his campaign, they have played the “they are biased” card which is all to typical, especially given that he refuses to release much in the way or information.
It doesn’t take an economic brain to understand that 2 + 2 = 4 and if you take 2 + 2 – 2 it doesn’t equal 6. I simply ask how do you this? How do you make an economic plan that guarantees a bunch of cuts to taxes… which lowers income alongside promising to cut the deficit…which you need and income to do? All I want to know is how?…I think we all have the right to know that, just like the right to know about how to get more Horses and Bayonets.