Last week, 2012 GOP presidential hopeful Mitt Romney released a tax plan that, in addition to giving the richest 0.1 percent of Americans a $240,000 tax cut, would blow a $10.7 trillion hole in the deficit. Romney insists that his tax cuts would be paid for by limiting deductions for the rich, but many analysts have pointed out that his numbers simply can’t add up.
Today on ABC’s This Week, former Gov. Jennifer Granholm (D-MI) noted that Romney’s tax plan would exacerbate income inequality while causing the deficit to explode. Former Gov. John Engler (R-MI) responded by dismissing the numbers, saying that “voters aren’t analysts”:
GRANHOLM: Every analysts who’s looked at, for example, Mitt Romney’s tax plan, says it exacerbates income disparities. Even the deficit, between $2 trillion and $6 trillion he adds to the deficit.
ENGLER: Voters aren’t analysts. Voters are emotional, and it’s about leadership. And they know what they’ve got. If they like that, they can vote to keep it.
Romney’s tax plan would cost four times as much as the Bush tax cuts, reducing revenue to a paltry 15 percent of GDP, a level far below that which was raised the last time that the federal budget was balanced. And Romney can’t even keep straight what his plan does to the taxes of the richest Americans, saying on the same day that he would raise them and cut them.