In it, but not of it. TPM DC

Romney Backs Away From Own Tax Plan

Disjtovm95d9snvp6qeo
Newscom

So who's right?

Romney has run for months on a plan to lower everyone's tax rates by 20 percent -- an amount that independent analysts have concluded will reduce revenues by $5 trillion over 10 years.

Romney has also insisted that his plan will be deficit neutral and that it won't increase taxes on the middle class. But according to the non-partisan Tax Policy Center and other analysts, Romney won't be able to make good on both of those latter promises.

According to TPC, even if Romney closes all loopholes and deductions for high-income earners, that alone will not account for all the revenue he loses because of the rate cut. Thus, to make the overall plan deficit neutral he'd have to raise the tax burden on middle income Americans.

Faced with this basic description, Romney said, "If the tax plan he described were a tax plan I was asked to support, I would say absolutely not."

About The Author

Ivcd1zuomgpknmdsebhc

Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com