View Full Version : Romney Tax Cuts For Rich, Hikes For The Rest Of Us

08-01-2012, 06:59 PM
<span style='font-size: 14pt'>Study: Romney tax plan would result in cuts for rich, higher burden for others</span>
Lori Montgomery
for The Washington Post (http://www.washingtonpost.com/business/economy/study-romney-tax-plan-would-result-in-cuts-for-rich-higher-burden-for-others/2012/08/01/gJQAbeCCOX_story.html)

Mitt Romney’s plan to overhaul the tax code would produce cuts for the richest 5 percent of Americans — and bigger bills for everybody else, according to an independent analysis set for release Wednesday.

The study was conducted by researchers at the Brookings Institution and the nonpartisan Tax Policy Center, who seem to bend over backward to be fair to the Republican presidential candidate. To cover the cost of his plan — which would reduce tax rates by 20 percent, repeal the estate tax and eliminate taxes on investment income for middle-class taxpayers — the researchers assume that Romney would go after breaks for the richest taxpayers first.

They even look at what would happen if Republicans’ dreams for tax reform came true and the proposal generated significant revenue through economic growth.

None of it helped Romney. His rate-cutting plan for individuals would reduce tax collections by about $360 billion in 2015, the study says. To avoid increasing deficits — as Romney has pledged — the plan would have to generate an equivalent amount of revenue by slashing tax breaks for mortgage interest, employer-provided health care, education, medical expenses, state and local taxes, and child care — all breaks that benefit the middle class.

“It is not mathematically possible to design a revenue-neutral plan that preserves current incentives for savings and investment and that does not result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers,” the study concludes.

Even if tax breaks “are eliminated in a way designed to make the resulting tax system as progressive as possible, there would still be a shift in the tax burden of roughly $86 billion [a year] from those making over $200,000 to those making less” than that.

What would that mean for the average tax bill? Millionaires would get an $87,000 tax cut, the study says. But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year.

<span style="color: #000099"><span style='font-size: 14pt'>I'm shocked, shocked, I tell ya!</span></span> /forums/images/%%GRAEMLIN_URL%%/smirk.gif

Gayle in MD
08-01-2012, 11:32 PM
Very quiet.... /forums/images/%%GRAEMLIN_URL%%/wink.gif

08-02-2012, 02:28 AM
Who tells a finer tale than any of us? Silence does.--Isak Dinesen /forums/images/%%GRAEMLIN_URL%%/smile.gif

08-02-2012, 06:05 AM
Yet Obama's own deficit reduction commission suggested pretty much this plan?

08-02-2012, 07:13 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: LWW</div><div class="ubbcode-body">Yet Obama's own deficit reduction commission suggested pretty much this plan? </div></div>



Gayle in MD
08-02-2012, 07:58 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: DiabloViejo</div><div class="ubbcode-body">Who tells a finer tale than any of us? Silence does.--Isak Dinesen /forums/images/%%GRAEMLIN_URL%%/smile.gif

Loved her beautiful writings.

Romney is falling in approval ratings, and the Repiglicans in the House of Reps, are at the lowest approval ratings in history, because of this, their very same sort of continuing favortism of a slanted tax structure designed to favor the rich, at the expense of the rest.

Romney is another wealthy pig, who will only support doing the very same things that Bush did, which destroyed Middle Class America.

Bush and the Repubs proved for eight years, that their trickle down theories, failed miserably. Horrible Job losses! HOrrible policies.

Mitsey will lose! Repigs will lose as well. Americans are waking up to the obstructionistic, un-American, idiotic, crazy Repiglican Party, finally!