Mitt Romney has been repeatedly hammered for the vagueness and mathematical impossibility of his plan to cut everyone's taxes by 20% but regain lost revenues by closing loopholes and capping deductions and credits for the wealthy.
Like many other critics of Romney's tax plan, President Obama charges that it fails to specify whether or not it would kill such sacred cows as the deduction for home mortgage interest. It also fails to add up. If cutting taxes by 20% cuts five trillion dollars in revenue over a period of ten years, closing loopholes and capping deductions simply cannot make up that loss. The Tax Policy Center estimates that even if deductions and credits were capped at $17,000, which would affect not just the wealthy but also many people earning less than $100,000 a year, we could raise no more than 1.7 trillion -- only a third of the five trillion needed.
What critics fail to realize, however, is that a simple solution to this problem has been staring us in the face all along. If and when the American body politic starts bleeding to death from Romney's tax cuts, all we have to do is to take it to the nearest emergency room, which is legally bound to treat all comers without regard for their ability to pay.
That's why I'm for Mitt.