The basic ingredients of Mitt Romney’s plan to slash tax rates are steeped in doctrine that has inspired Republican conservatives for decades. The basic idea: Dramatically cut tax rates, especially on the wealthy and corporations, and America’s entrepreneurial fortunes will soar. The economy, unleashed from the drag of excess taxes, will grow. Government deficits will shrink. The trouble with this so-called “supply-side’’ approach to tax policy is that it remains unproven, a weaknesses President Obama has successfully exploited.
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