Romney's basic idea, which in broad outline has bipartisan support, is to "lower tax rates" and "broaden the base" by reducing deductions, credits and exemptions. He proposes cutting individual income tax rates by 20 percent, so that the top rate would be 28 percent rather than...
"Since Romney insists "there'll be no tax cut that adds to the deficit," he needs to make up for the lost revenue by cutting back on tax breaks . . ." I too am a Libertarian, however, why does Mr. Sullum resort to the arguments of the left, by basically saying that the tax cuts must be paid for by making up revenue from somewhere other source? Revenue will be "made up" through economic growth. As an author with a libertarian bent, I would think he would be able to see through the specious arguments of the statists and understand that reducing the un-constitutional reach of the giant central government will be all the "stimulus" we need to start growing again.
During last week's presidential debate, Mitt Romney repeatedly promised to "lower taxes on middle-income families" without reducing "the share paid by high-income individuals." But this combination will prove difficult, if not impossible, for the Republican candidate to deliver given the other elements of his tax reform plan -- especially his illogical definition of "middle-income families."
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