[quote="Azdgari"]Despite being directly pressured on multiple occasions very specifically, Romney could not answer the basic question, "How do you pay for 20% across the board taxes, unasked 2 trillion dollar increase and continued Bush era tax cuts?" LionPrince, you're on your game. Does Romney have any specific plan for this, and why won't he put it out there if he does?[/quote]
Sorry, Azdgari, I did not see this question!
Well, the most recent source concerning Romney's tax plan comes from
Forbes:
[quote="
Forbes"]
He vows to pay for these cuts with offsetting reductions in tax preferences but has not said how. Romney would use only spending cuts and economic growth to achieve long-term deficit reduction. He would not raise taxes by any amount to slow the flow of red ink."[/quote]
Also, from my research, Romney has stated he will pay (or recoup the losses his tax cuts will make if implemented) by closing tax loopholes, and placing a cap on total income tax deductions. Another
article from
Forbes agrees that doing so, it "would preferentially raise income taxes on the rich, potentially offsetting other changes." Both
Business Week and
The Tax Policy also state Romney will pay (or recoup the losses) by reducing or eliminating unspecified tax breaks (i.e. loopholes) for the upper-income Americans.
Oddily enough,
Romney's own site on how he plans to deal with tax reforms only discusses President Obama's approach to tax reform in the past four years, and lists the marginal tax rates he hopes to reduce and stabilize if elected president. No mention is given as to how he plans to pay for them. However,
Business Week reports that
Tax Policy Center find Romney's extreme tax cuts while promising to not raise the federal deficit is fiscally impossible.
So, I hope I answered your question.