Republican Tax Plans Will Increase Deficit

Mitt Romney loves to profess that his business experience is the key to getting the U.S. economy back on track. Yet a new study from the nonpartisan Tax Policy Center found that Romney's tax proposals would add $180 billion to our country's deficit in 2015 if the Bush-era tax cuts and other tax provisions are renewed. The GOP frontrunner's deficit-inflating policy would benefit some, of course—taxes would decrease for almost all taxpayers making more than $1 million a year. Romney's tax plan isn't the only one that adds to the already momentous deficit. Gingrich's plan would add $1.3 trillion to U.S. debt in 2015; revenue would drop by $1 trillion that year under Rick Perry's tax plan.