The New York Times also has an explanation, supported by the Congressional Joint Committee on Taxation, and even by Fox News, of why the Romney tax plan does not add up. The conclusion:
It is increasingly clear that the Romney tax “plan” is not really a plan at all but is instead simply a rhapsody based on old Republican themes that something can be had for nothing. For middle-class taxpayers without the benefit of expensive accountants, the bill always comes due a few years later.
I wonder if there is anybody, anybody at all, even among Romney's most ardent supporters, who truly believes that Romney's tax plan is not going to favor the wealthy at the expense of the middle class. Why is the Romney campaign even pretending they are not going to do this? Haven't the Republicans in Congress been screaming for years about how asking even a penny more from millionaires and billionaires is only going to take away from the "job creators?" Didn't they refuse, during the budget negotiations last year, to consider even limiting tax deductions for corporate jets or other tax advantages enjoyed by corporations and the wealthy, and demand only cuts to programs that benefit the poor and middle class? Didn't Mitt Romney himself stand on a stage with other Republican candidates and pledge that he would not even consider one dollar of tax increases even in return for ten dollars of spending cuts?
The Romney campaign might as well just come clean and admit that their plan is to reduce the burden on those poor overtaxed millionaires and billionaires, who desperately need to keep more of their money; and take away food stamps and unemployment insurance and college grants and other benefits enjoyed by the 47% or more of the population whom they regard as freeloaders. This pretense that they have a tax plan that spreads the benefits and burdens equally is just not working for them anymore. Nobody is buying it. Not even Chris Wallace.
For more details on the Romney tax plan, go here.