President Obama has labeled his opponent's tax plan "Romney Hood," a scheme to benefit the rich with no positive effect on the deficit or debt. Gov. Romney countered by claiming, “my plan is very similar to the Simpson-Bowles plan."
Except that it isn't, says one of the plan's authors.
In a Washington Post op-ed, Erskine Bowles, the actual "numbers guy" of America's hottest deficit-reduction comedy duo, gives Romney's claim the sniff test and politely confirms its stinkitude.
Bowles starts with the disclaimer that he is a Democrat and "proudly" voted for President Obama, so don't expect the piece to carry any weight with your email-blasting brother-in-law. Still, Bowles weighs the Romney plan in the balance of deficit reduction and finds it wanting.
This month, Romney said that his tax reform proposal is “very similar to the Simpson-Bowles plan.” How I wish it were. I will be the first to cheer if Romney decides to embrace our plan. Unfortunately, the numbers say otherwise: His reform plan leaves too many tax breaks in place and, as a result, does nothing to reduce the debt.
The Simpson-Bowles Commission report indeed advocated lowering tax rates for all income brackets, as does the Romney Hood plan. The difference being that Simpson-Bowles also included eliminating trillions in tax breaks and loopholes which Romney won't touch. Why not?
But real deficit reduction — cutting the deficit by at least $4 trillion over the next decade to stabilize the debt and get it on a downward path as a percentage of gross domestic product — won’t happen without sweeping tax reform. This year, our broken tax code will give away more in loopholes — $1.3 trillion — than it collects in income taxes. That’s nuts, especially when most of the tax code’s backdoor spending goes to benefit well-off folks like me.
emphasis added
And folks like Mitt Romney. And David Koch. And Sheldon Adelson. Et cetera.
There is much not to love about the Simpson-Bowles Commission and its prescriptions for what ails America. Perhaps its greatest contribution to the discussion has been Sen. Simpson's image of a milk cow with 310 million teats.
But, since those prescriptions have been elevated to the status of holy writ by Republicans and Teaists, it's only natural that Romney attempted to jack the S-B brand for his basket of self-enriching treats.
Sadly for Gov. Hood, Mr. Bowles wants his brand back.