Presumptive 2012 GOP presidential nominee Mitt Romney has released an economic plan that would spend trillions of dollars on tax cuts for the wealthiest Americans and corporations. These tax cuts would dwarf the Bush tax cuts, and Romney has in no way indicated how he will prevent the cuts from blowing a huge hole in the federal budget.
On CNBC today, former GOP Governor Christine Todd Whitman (NJ) criticized Romney’s tax plan, “you can’t do just tax cuts”:
I believe in cutting taxes. I cut taxes as a governor over and over again. But you can’t do just tax cuts. There are going to be times when you are going to have to close loopholes or raise some taxes. And unfortunately, as a candidate, and this is the problem with our primary system, it forces candidates to the right and to the left, Mitt Romney signed the no-new-taxes pledge.
While Romney has indeed pledged fealty to Grover Norquist and the Americans for Tax Reform anti-tax pledge, more and more Republicans have been breaking from that pledge, acknowledging that revenue needs to be a part of the nation’s budget solution. Rep. Timothy Johnson (R-IL) even blasted the pledge as “disingenuous and irresponsible.”