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[quote=Anonymous][quote]Harvard Professor Martin Feldstein’s Study

Harvard professor Martin Feldstein wrote a Wall Street Journal op-ed that purported to show that it was possible to close enough tax deductions and loopholes for the wealthy to pay for Romney’s tax cuts. In fact, Feldstein’s analysis shows the opposite. His study neglected the fact that lowering rates by 20% also reduces the value of deductions by 20%, while he also ignored Romney’s repeal of the estate tax. The Tax Policy Center found that “taking the estate tax and other effects into account, Feldstein’s proposals come up at least $90 billion short of revenue-neutral” in 2015. Tellingly, in his attempt to make the numbers add up for Romney, Feldstein [b]redefines middle class as below $100,000[/b], and his assumptions include significant cuts in tax deductions and exclusions for [b]all families making more than $100,000 a year[/b]—an income level that reflects a family with a police officer and a teacher, for example. Even under an “illustrative” example Feldstein has given, these families would have to[b] pay income and payroll taxes on their employer-sponsored health insurance for the first time, and they would lose their child tax credit[/b]. In other words, as the Tax Policy Center notes, Feldstein’s study demonstrates that Romney’s plan would indeed be a tax increase on middle-class families—he just denies that these families are actually middle-class[/quote][/quote]

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