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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNew Analysis Shows Romney Tax Plan Would Raise Taxes On Middle Class Families By More Than $2,000
New Analysis Shows Romney Tax Plan Would Raise Taxes On Middle Class Families By More Than $2,000
By Pat Garofalo
On the campaign trail, Mitt Romney has been promising that he will cut taxes across the board, while also instituting tax reform that will not add to the nations deficit. But a new report from the Tax Policy Center at the Brookings Institution shows that this is much easier said than done.
In fact, if Romney were to actually implement his plan to reduce tax rates by 20 percent while eliminating tax deductions in order to pay for it, taxpayers with more than $200,000 would certainly see a tax cut. But everyone else 95 percent of Americans will see their taxes increase. And this result occurs even assuming that Romney would eliminate tax deductions so as to make the tax as progressive as possible:
Heres how the plan would affect the average taxpayer in each income group. As the column labeled revenue neutral shows, all taxpayers making less than $200,000 would see their taxes go up by hundreds, if not thousands, of dollars. In particular, families with children would see their taxes go up by $2,041, on average:
- more -
http://thinkprogress.org/economy/2012/08/01/620561/tpc-romney-study-taxes/
By Pat Garofalo
On the campaign trail, Mitt Romney has been promising that he will cut taxes across the board, while also instituting tax reform that will not add to the nations deficit. But a new report from the Tax Policy Center at the Brookings Institution shows that this is much easier said than done.
In fact, if Romney were to actually implement his plan to reduce tax rates by 20 percent while eliminating tax deductions in order to pay for it, taxpayers with more than $200,000 would certainly see a tax cut. But everyone else 95 percent of Americans will see their taxes increase. And this result occurs even assuming that Romney would eliminate tax deductions so as to make the tax as progressive as possible:
To estimate how average household tax burdens among different income groups would change as a result of this shift, we assume that the available tax expenditures are curtailed from the top down in order to make the tax plan as progressive as possible
Even after eliminating all available tax expenditures for households earning more than $200,000, this group still faces a net tax break. Americans making over $1 million would see an increase in after-tax income of 4.1 percent (an $87,000 tax cut), those making between $500,000 and $1 million would see an increase of 3.2 percent (a $17,000 tax cut), and those making between $200,000 and $500,000 would see an increase of 0.8 percent (a $1,800 tax cut).
Because taxpayers above $200,000 as a group have received a net tax cut, revenue neutrality requires that taxpayers below $200,000about 95 percent of the populationexperience a tax increase.
Because taxpayers above $200,000 as a group have received a net tax cut, revenue neutrality requires that taxpayers below $200,000about 95 percent of the populationexperience a tax increase.
Heres how the plan would affect the average taxpayer in each income group. As the column labeled revenue neutral shows, all taxpayers making less than $200,000 would see their taxes go up by hundreds, if not thousands, of dollars. In particular, families with children would see their taxes go up by $2,041, on average:
- more -
http://thinkprogress.org/economy/2012/08/01/620561/tpc-romney-study-taxes/
Mitt, the guy who didn't pay any taxes for 10 years, wants to increase taxes on 95 percent of Americans to pay for tax cuts for himself.
Now, that's rich!
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New Analysis Shows Romney Tax Plan Would Raise Taxes On Middle Class Families By More Than $2,000 (Original Post)
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Aug 2012
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(116,464 posts)1. Kick! n/t