Saturday, January 28, 2012

CBS: Newt Gingrich and Mitt Romney tax plans

Both Newt Gingrich and Mitt Romney suggest that the tax cuts they have proposed would increase federal tax revenues.

The Republican truism that tax cuts increase revenues has been flatly rejected by economists across the ideological spectrum, including Romney adviser and former George W. Bush chief economist Gregory Mankiw and several others who served in the Bush administration.

Ronald Reagan had to increase taxes 11 times to counteract the effects of his "supply sider" tax cuts.

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