Thursday, August 9, 2012

Piling on to Romney's Tax Plan

Even Robert J. Samuelson, a conservative economist and normally a reliable supporter of Republicans, thinks Romney's plan "makes no sense."
President Obama and his allies have cast Romney as a wealthy fat cat who’s out of touch with everyday Americans and who would use his presidency to enrich the already rich. To counter this damning image, the last thing you’d expect Romney to do is embrace a tax plan favoring the super-rich.

Which is exactly what he has done. . . .

Under any circumstances, broadening the tax base by curbing popular breaks would be difficult. Huge constituencies benefit from the deductions for mortgage interest and charitable gifts. Other popular breaks include the income exclusion for employer-paid health insurance and tax credits for college tuition. To cut them so that taxes rise for the poorest 95 percent and fall for the richest 5 percent suggests a form of political suicide unappealing to elected officials.

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