This time Obama had Romney's number. Given the vagaries of Romney 'rithmetic, numbers matter. Romney has artfully moved from the impossible to the meaningless. At the first debate, and in the VP debate, team Romney claimed that elimination of deductions and loopholes, would make tax cuts for the wealthy revenue neutral. Studies have shown that even eliminating all deductions for the upper income tax payers is not enough to offset the cuts.
If this could be revenue neutral, what would be the point? Romney claims the cuts will spur small businesses to grow and create jobs. But if loss of deductions results in no tax reduction what is the spur to growth? Also given historically low rates, diminishing returns would blunt the impact of any slight reductions.
But impossible is better than absurd. In the second debate Romney portentously proclaimed that the top 5% would continue to pay 60% of all taxes. Of course, if everyone gets the same 20% reduction, the ratio would not change. But someone making ten million a year and paying three million in taxes, would save $600,000. Someone making $50,000 and paying $10,000 would save $2000.
If voters are paying attention, Romney's political days are numbered.
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