Republican Tax Plans Will Increase Deficit

    CHARLESTON, SC - OCTOBER 07:  Former Massachusetts Gov. and Republican presidential candidate Mitt Romney gives a foreign policy address to cadets at the Citadel on October 7, 2011 in Charleston, South Carolina. Romney spoke about the war in Afghanistan and other military topics.  (Photo by Richard Ellis/Getty Images)

    Richard Ellis / Getty Images

    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.

    Read it at The Hill