Oct
10

No More Taxing

Romney’s proposal works. Cutting tax rates by 20% costs $181 billion. Eliminating the AMT and taxes on interest, dividends and capital gains for couples with incomes below $200,000, and singles below $100,000, costs $38 billion. Filers with AGIs over $100,000 took $636 billion in itemized deductions, which taxed at 30% raises $191 billion, $28 billion less than the lost revenue. But lower rates boost tax revenues and the gap disappears!

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  1. Barack Obama says:

    But what what happens to the progressivity of the tax code? That is the important third piece you leave out here. Understand if it would not fit in 70 words, but it is a critical part of the debate.

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