Bloomberg reporter Josh Barro recently explained why Mitt Romney’s tax plan couldn’t work. The tax rate cuts would provide $86 billion more in tax relief to people making over $200,000 than Romney could recoup by eliminating tax expenditures for that group. That means his plan is necessarily a tax cut for the rich, so if Romney keeps his promise not to grow the deficit, he’ll have to raise taxes on the middle class.
Mark Trumbull, a staff writer for the Christian Science Monitor, cites Mitt Romney’s tax plan as mathematically impossible, and Jonathan Chait of New York magazine quipped Romney’s tax plan repeals the laws of arithmetic.
Mark Zandi, Moody’s chief economist agrees, which is surprising since he is a former McCain campaign manager. Zandi explained that Romney’s tax plan doesn’t add up because it’s not possible to lower taxes by 20 percent across the board while making up those losses in government revenue by closing loopholes on the wealthy.
Apparently, Romney believes those 47 percent of voters who are victims are also not smart enough to figure out his tax plan just doesn’t add up, or more colorfully stated, “It’s malarkey!”