Josh Barro has written a very comprehensive post at Bloomberg analsying Mitt Romney's tax plan. His conclusion is that the plan is mathematically impossible, leading one to assume that a President Romney would have to break his pledge on the deficit, taxes or cut more. Which is likely to happen, if Romney gets to the White House. That's a question many weren't asking before two weeks ago. But Romney has made the US presidential race contestable. And so it is an important question in understanding likely outcomes on the fiscal cliff and other political questions that impact the US and global economy.
Here's the key point from Barro's article:
The Tax Policy Center paper that sparked this discussion found that Romney's plan couldn't work because his tax rate cuts would provide $86 bill...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.