IN May of 2000, when George W. Bush was running for president on a platform of extravagant tax cuts for all, his campaign did something that would be considered remarkable today: it submitted his tax plan to the Congressional Joint Committee on Taxation, to see how much all those tax cuts would cost the Treasury.
The bipartisan committee ran through the details provided by the campaign and predicted that the tax plan would cost about $1.3 trillion over nine years, an underestimate but a clear sign of its high price tag. With the budget in surplus at the time, Mr. Bush didn’t dispute that cost, and never tried to pretend that the cuts would be free. Within a decade, in fact, they would turn out to be the biggest factor in the huge deficit he created.
Twelve years later, Mitt Romney, the presumptive Republican nominee, claims his far deeper tax cuts would have a price tag of exactly zero dollars. He has no intention of submitting his tax plan to the committee or anywhere else that might conduct a serious analysis, since he seems intent on running a campaign far more opaque than any candidate has in years.
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