During Tuesday night's debate, Romney suggested that he may cap all itemized deductions at $25,000 to pay for this $5 trillion tax cut. The Tax Policy Center ran the numbers again and -- shocking no one -- the math still doesn't add up.
via the NY Times
The Tax Policy Center estimated that capping deductions at $25,000 would yield $1.3 trillion.
“Without more specifics, we can’t say how much revenue such limits would actually raise,” Mr. Williams wrote in a blog post. “But these new estimates suggest that Romney will need to do much more than capping itemized deductions to pay for the roughly $5 trillion in rate cuts and other tax benefits he has proposed.” [...]
The Romney campaign has disputed the center’s findings in the past, arguing that they fail to account for the economic growth it says the tax changes would spur.
The Tax Policy Center clearly failed to account for the magical, job-creating power of tax cuts. Because Tax Cut Magic worked so well when George W. Bush tried it.
And let's not forget -- the Bush Tax Cuts were only 3 percent and are the primary driver of our current budget deficit, while Mitt Romney is promising a 20 percent tax cut. The economy may never recover from such a farce.
The Romney campaign's economic policy director says there are other ways to fill in the gap, but we wouldn't want to get specific now, would we?