Mitt Romney took an immensely positive step earlier this week when he announced a proposal to cut tax rates 20 percent for all individual taxpayers. The former Massachusetts governor wants to cut the 35-percent rate for the top bracket to 28 percent, the 33 percent for the next bracket to 26.4 percent, the 28-percent bracket to 22.4 percent and so on down to the lowest bracket from 10 percent to 8 percent.
It is important that Romney be prepared to respond effectively to the onslaught of class warfare demagoguery about to be flung his way, especially the charge that he’s proposing more “tax cuts for the rich” and that the government “will lose revenues.” That’s when it’s time for a strong dose of good old American pragmatism by looking at what happened when tax rates were cut in the past.
