From the folks who brought you the study (.pdf) which showed that Romney's 20% income tax cut could never ever possibly work even if you eliminate all deductions comes a new study which shows that Romney's 20% income tax cut doesn't work if you allow deductions up to $17,000.
Shocking.
It's nice to see the numbers officially crunched, though. The Tax Policy Center concludes that capping deductions at $17,000 would raise about $1.7 trillion of the $5 trillion needed to pay for Romney's other cuts. Eliminating deductions altogether leaves a gap of $3 trillion. It appears Romney's plan to make up that $3 trillion is a combination of telling China they're naughty and supply-side pixie dust that didn't work when George Bush tried it.
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