The $5 Trillion Tax Cut Myth

After 47 percent, the presidential campaign’s most incendiary number is $5 trillion. That’s the tax cut planned by Mitt Romney with most benefits going to the wealthy, according to President Obama and his campaign. The president has used the figure repeatedly, as have his surrogates and ads. In Wednesday’s debate, Romney vehemently denied that there ever was a $5 trillion tax cut for the rich. He’s right. The figure is a partisan construct that, somehow, has been given a pass by most of the media as one plausible version of the truth. It isn’t.

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