Harvard economist Larry Summers says that Mitt Romney’s tax plan fails the basic test of arithmetic.
“It’s just not possible to do what he says,” Summers, who served as a top economic adviser to President Barack Obama, told CNNMoney in a recent interview.
“The reality is that every expert who’s looked at it has found that cutting taxes by 20 percent costs $5 trillion,” Summers said. “If you take away every exemption, every tax expenditure for people with high incomes, you don’t get anything like $5 trillion.”
Romney has promised to cut marginal tax rates by 20 percent and slash taxes on investment income without raising taxes on the middle class or increasing the deficit.The Tax Policy Center analyzed his plan in August and concluded that it was mathematically impossible; several commentators agree.
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