For the last four years, President Obama has been pushing his plan to raise tax rates on people’s income over $250,000, but a new poll indicates that most people still don’t understand one of the plan’s most basic concepts.
U.S. House Speaker John Boehner said Republicans would be willing to accept new tax revenue to reduce the nation’s budget deficit if it’s accompanied by a tax overhaul and changes to entitlement programs.
It seems self-evident that tax-cuts should stimulate the economy. It seems so self-evident, that we discuss the theory as if it were a known fact. We don’t even question the claim. But history offers us some evidence that tax cuts don’t stimulate the economy.
Paul Ryan finally had enough time to go through the math of the Romney tax plan during the vice-presidential debate. He didn’t use it. Ryan filibustered instead. About the most specific he got was citing “six studies” he said vindicate the plan’s mathematical plausibility. Except they don’t.
The one question that lays to waste Mitt Romney’s entire tax proposal.. “why cut their taxes?”
You can now use this Tax Cut Calculator to estimate how each presidential candidates tax plans will effect you.
For more information on the distributional effects of base-broadening income tax reform, visit TaxPolicyCenter.org
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