Their basic approach is easy to distinguish: Obama wants to raise taxes on the wealthiest Americans; Romney would slash rates across the board.
But many key details – for Romney’s plan in particular – are lacking and make side-by-side comparison a challenge. And experts warn that neither plan appears sustainable, as they wouldn’t scratch the nation’s mounting deficit unless they’re offset by other tax hikes or matched by sweeping cuts in spending.
“The biggest flaws are that at some point we need to be talking about not looking for more and more tax cuts, we need to talk about how to get the revenue to pay for our spending promises,” said Joshua Gordon, policy director at the nonpartisan Concord Coalition, which advocates fiscal responsibility. “The fiscal challenges over the long term are too much to deal with just on the spending side.”