Try the math for yourself (requires Maple)
Illustration of the Romney Tax Plan
(In which we learn that the math adds up, but the real world assumptions may not)
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We will approximate household income as being gamma distributed.
We are able to match our CDFs to available data points quite closely.
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Approximate all households of a particular income pay the same (2012) taxrate (ignore marital status, etc).
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Feed in 2006 data for US, and a simulated Romneyworld where income tax has been cut across the board by 20%
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(1) 
Here are curves to match some real world data (2006)
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Here are some example curves that would increase revenue while cutting taxes 20% across the board
This is the fishy part of Romney's plan. He's offered no numbers to support the claim that his plan
for the economy would produce anything like this.
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Plotting %US Households < particular household income
Black line is the "best guess" we fed into the curve fitter.
Blue is the output distribution that is the result of a least squares
regression to the gamma CDF. Green is real world data.
Red lines are possible "Romneyworld CDFs"
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Distribution function showing modal income.
Normalized so that the total area under the curve
represents the number of households (i.e., area scaled by 1/110000000)
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And some incometax revenue calculations based on our approximated real world
compared with 2 possible Romney worlds.
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(2) 
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(3) 
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(4) 
Conclusions: It IS possible to cut taxes across the board while increasing revenue.
The real question is whether or not the economic assumptions required to do so are valid.
I do not have any data on this point. So the question is, do you believe Romney's election
can effect the economy this drastically?
For a much simpler and more assured path to a balanced budget,
check out Libertarian Presidential Candidate Gary Johnson.