Romney's tax plan is revenue neutral because he lowers rates while simultaneously eliminating exemptions, deductions, and other "giveaways to special interests". It's what I really want out of tax reform and it's one of the things that makes me look forward to a Romney administration.
Alex Brill, of the American Enterprise Institute, breaks down how the Romney plan would work and why the math, contra the Brookings Institute, doesn't point to a tax hike.
Romney has proposed a bold tax reform that would broaden the tax base and lower statutory tax rates across the board. While maintaining preferential rates for savings and investment, his proposal repeals the tax expenditures that distort economic decisions and add complexity to tax returns.
Although Obama has no such plan for tax reform, his vision for the tax system appears clear. He has refused to endorse the recommendations of the Simpson-Bowles Commission, which would also have lowered statutory tax rates and broadened the tax base. Instead, his near-singular focus has been to raise statutory tax rates for high-income households and to leave untouched hundreds of special tax breaks for various political constituencies.