The Top Republican Candidates Tax Plans All Increase The National Deficit

Republican GOP 300x192 The Top Republican Candidates Tax Plans All Increase The National DeficitSurprise surprise!

James Kwak at The Baseline Scenario presents some democratic information, but information nonetheless – Department of “Duh”:

The Times has a story out today: Surprise, all the Republican candidates’ tax plans increase the national deficit! The numbers (reduction in 2015 tax revenues, from the Tax Policy Center):

  • Romney: $600 billion
  • Gingrich: $1.3 trillion
  • (Late lamented) Perry: $1.0 trillion
  • Santorum: $1.3 trillion

I guess that makes Romney the “fiscally responsible” choice, at least among the Republicans. But President Obama’s tax proposals would only reduce 2015 tax revenues by $222 billion. (That’s $385 billion in Table S-4 less $163 billion in Table S-3.)

This is true, but is it fair?

Second surprise: The big winners in all of these tax plans are the rich! (That’s not just in dollars, but in percentage increase in after-tax income.)

I don’t mean to be hard on the Times reporters. This is exactly the kind of story they should be writing. Someone has to point out that the same people who are complaining about deficits are proposing to vastly increase those deficits. Especially when their fantastic claims are essentially going unchallenged on the campaign trail.

I think the public would be much more sympathetic to tax cuts for the rich if we weren’t racking up debt so quickly. Have to trim the fat somewhere though.

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