Mitt Romney has said that he will cut taxes by 20 percent without increasing the deficit, because he will take away or cap some tax deductions for the wealthy. When pressed during Tuesday’s debate to explain how the numbers add up, he responded, “Of course they add up.” The only thing specific that he said was that he might limit total itemized deductions to $25,000. But such a cap would raise about $1.3 trillion over 10 years, far less than the estimated $5 trillion cost of his tax plan. “The math is the math,” Jonathan Bernstein wrote in the Washington Post. “There just aren’t enough tax expenditures that the wealthy use to allow Romney to cut tax rates by 20 percent without either reducing revenue or by making it up with tax increases on everyone else.”
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