It's about arithmetic, says Moody's Chief Economist, Mark Zandi.
The fact that Mitt Romney’s tax plan is mathematically impossible was reinforced again on Friday, when Mark Zandi, a former John McCain campaign adviser and Chief Economist at Moody’s Economy, admitted as much. Speaking on CNN’s “Starting Point,” Zandi acknowledged a study by the Tax Policy Center that shows Romney’s plan to lower taxes by 20 percent across the board, while making up those losses in government revenue by closing loopholes on the wealthy, doesn’t add up. Zandi even went so far as to say that “the arithmetic doesn’t work as it is right now.”
Closing all the loopholes and ending all of the deductions currently given to the wealthy does not make up for the losses of giving everyone in the country, particularly the wealthy, another tax break. The only way Romney’s plan will not add to the deficit is if middle class families pay over $2,000 more in taxes annually....Think Progress
