The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

During Tuesday night’s debate Mitt Romney was asked if numbers in his tax plan add up.

“Well of course they add up,” Romney replied, testily. He then listed all the budgets he’s balanced—running the Olympics (with help from the federal government), running Massachusetts (with help from the federal government) and running Bain Capital (with help from the federal government).

Of course, no study has proven that the numbers add up.

Despite insisting the numbers add up, Romney began brainstorming the actual numbers later in the debate, “And so, in terms of bringing down deductions, one way of doing that would be say everybody gets — I’ll pick a number — $25,000 of deductions and credits, and you can decide which ones to use. Your home mortgage interest deduction, charity, child tax credit, and so forth, you can use those as part of filling that bucket, if you will, of deductions.”

The Tax Policy Center, a non-partisan group sometimes cited by the Romney campaign, looked at Romney’s new plan and discovered… the math doesn’t add up. At the most Romney’s new plan would pay for $1.7 trillion of the $5 trillion in cuts he proposes. And the cuts would mostly benefit high-income taxpayers, of course.

According to Roberton Williams of the Tax Policy Center, “…Romney will need to do much more than capping itemized deductions to pay for the roughly $5 trillion in rate cuts and other tax benefits he has proposed.”

The math doesn’t add up. Just don’t expect Mitt Romney to ever admit that.

Photo credit: AP Photo/Alex Brandon

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Stephen Colbert Returns To Mocking His Favorite Target

Ever since the Republican party was hijacked by a clownish, failed businessman and reality tv host turned fascist dictator, many on the left have pined for the simpler days of George W. Bush. Putting aside his obvious failure of a lifetime in launching a brutal, unnecessary, and costly war in Iraq, the not-so-bright former president would probably be considered a leftist by today's deranged Republican party of rabble-rousing misfits. Stephen Colbert, like many of us comedians at the time, took great pleasure in jostling George Bush over his failures in Iraq.

Although he has since dropped his more arcane Colbert Report far-right character after taking over hosting duties at the Late Show, Colbert is as political as ever. Having been said, Colbert mocked George W Bush, who gave a speech in Dallas on Wednesday for an event called “Elections – A More Perfect Union”, which focused on how elections work.

Keep reading... Show less

Sen. Ted Cruz

A group of lawyers has submitted a 15-page ethics complaint to the State Bar of Texas demanding an investigation of Senator Ted Cruz (R-TX) for his “leading role” in the far-reaching Republican effort to keep former President Trump in power despite his reelection loss.

The complaint — filed by the 65 Project, an organization of lawyers seeking to hold attorneys accountable for lending a hand in pro-Trump efforts to overturn the results of the 2020 elections — called for an examination of Cruz’s conduct in the weeks before Election Day in 2020 and on January 6, 2021, the day of the Capitol insurrection.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}