The resulting boom in the economy and additional hiring by corporations would make up for the lost taxes.
I see.
Currently the Bureau of Labor tells us in their August report that there are nearly 9 million people who are employable but not employed in the USA. (Even less who are looking for a job.)
So with this miraculous new plan and no cuts in budget theses 9 million (which would be an unprecedented event being there would actually be a 0% Unemployment rate) will make up the 354 Billion dollars that corporations paid in 2006? (2007 numbers aren't in yet) That's nearly 40 thousand bucks in income taxes per NEWLY Employed Worker.
Sorry but the numbers don't work out for such a claim.