Six Impossible Things

Listen closely children.

via theatlantic:

Mitt Romney’s Tax Plan Only Works If Income Inequality Gets Worse

Romney wants to cut rates and cut loopholes but keep everybody’s taxes the same. That’s the implication of a revenue neutral plan where the rich pay the same share and the middle class pay the same amount. It’s just a complicated way of saying nobody’s tax bills change. But we’re back to the same old problem: the rich pay a lower effective federal tax rate under Romney’s plan, so they won’t pay the same share. Unless they have more money than we’ve assumed.

But there is one way that Romney’s plan works mathematically: Income inequality explodes. If enough growth goes to the top 5% of earners, they will get rich enough to fill the revenue hole.

Read more.[Image: Matthew O’Brien]

8 months ago

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    And given that Romney’s plan will cause income inequality to explode, perhaps that’s how he intends to make it work. The...

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    Romney wants to cut rates and cut loopholes but keep everybody’s taxes the same. That’s the implication of a revenue...

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