2012 GOP presidential nominee Mitt Romney today again claimed that his tax plan — which would lower tax rates by 20 percent — would not disproportionately help the wealthy, because it would limit deductions for taxpayers at the top of the income scale. However, he has yet to lay out which deductions those would be, and he once again passed up an opportunity to do so during an interview with CBS’ Bob Schieffer:
SCHIEFFER: When are you going to tell us where you’re going to get the revenue? Which of the deductions are you going to be willing to eliminate? When are you going to be able to tell us that?
ROMNEY: Well, we’ll go through that process with Congress as to which of all the different deductions and exemptions…My view is that the right way to do that is to limit them for high-income individuals because I want to keep the progressivity of the code. 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.
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.