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October 05, 2012

The $5 Trillion Question

Mitt Romney insisted during the first presidential debate that he does support a $5 trillion tax cut.

First Read: "But here's the problem for the Romney campaign: We know the math how you get to just about $5 trillion in tax cuts over 10 years. It starts with reducing tax rates across the board by 20%, eliminating the Alternative Minimum Tax and erasing the federal estate tax. Together, that comes to $450-$480 billion by 2015. You do that over 10 years (standard budget estimations), and you get about $5 trillion. But what we don't know is the math of how you offset the nearly $500 billion per year as Romney has pledged, because the Romney campaign has yet to provide any specifics about what he would cut."

"The math isn't just hard; it becomes nearly impossible (at least politically) once you account for the pledge handcuffs. The Romney campaign is hoping to make it until November without having to provide its own straw man beyond, 'that's not true.' The downside of getting the real second look the campaign wants is that they will need to provide some answers to this $5 trillion question."


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