Mitt’s huge, fat whopper of a lie: “One of the absolute requirements of any tax reform that I have in mind is that people who are the high end, whether you call them the 1 percent, 2 percent, half a percent, the people at the high end will still pay the same share of the tax burden they’re paying now. I’m not looking for a tax cut for the very wealthiest.” — Mitt Romney on CBS’ Face the Nation
Romney wants to lower current tax rates for everyone by 20 percent. This benefits the wealthy most: Dropping the highest bracket from 35 percent to 28 percent, for example, yields a much bigger savings for those at the top than lowering the 15 percent bracket to 12 percent brings for taxpayers in that group.
Pat Garafalo explains: Romney himself has admitted that his tax plan can’t even be scored due to its lack of specificity. The few deductions he has mentioned would come nowhere close to covering the cost of his massive tax cut for the rich. And even if Romney did manage to close enough loopholes and eliminate enough deductions so that the rich were paying the same amount that they are today, the economy would have to grow at a record rate to keep his tax plan from adding to the deficit.