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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRomney’s Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families
Romneys Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families
By Pat Garofalo
ThinkProgress has already found that 2012 GOP presidential frontrunner Mitt Romneys economic plan would explode the deficit to the tune of more than $6.5 trillion over the next decade, while doing next to nothing to help middle class or low-income Americans. In fact, Romneys tax cut that is supposedly focused on the middle class gives literally no benefit to most middle class households.
The Tax Policy Center released an analysis today showing that, contrary to Romneys rhetoric, the overwhelming majority of the benefits under the plan would go to the wealthy. In fact, compared to the policy in place today, Romneys plan would give millionaires a $150,000 tax cut, while raising taxes on many low-income families:
Romney plan hits hardest those making less than $40,000, and primarily those households with children, as he would undo President Obamas expansion of the child tax credit.
And Romneys proposal only gets more lucrative for those at the very top of the income scale, giving those in the richest 0.1 percent an annual tax cut of nearly half a million dollars. In 2015 alone, the plan would add $600 billion to the deficit.
- more -
http://thinkprogress.org/economy/2012/01/05/398758/romneys-tax-plan-analysis/
By Pat Garofalo
ThinkProgress has already found that 2012 GOP presidential frontrunner Mitt Romneys economic plan would explode the deficit to the tune of more than $6.5 trillion over the next decade, while doing next to nothing to help middle class or low-income Americans. In fact, Romneys tax cut that is supposedly focused on the middle class gives literally no benefit to most middle class households.
The Tax Policy Center released an analysis today showing that, contrary to Romneys rhetoric, the overwhelming majority of the benefits under the plan would go to the wealthy. In fact, compared to the policy in place today, Romneys plan would give millionaires a $150,000 tax cut, while raising taxes on many low-income families:
A sizable number of low-income families would see their taxes go up. For instance, about 15 percent of those in the $10,000 to $20,000 income group would get an average tax cut of about $140, but 20 percent would get hit with an average tax increase of $1,000, mostly because Romney would bring back the less generous versions of those refundable credits.
About one-third of those in $40,000 to $50,000 group would get a tax cut that would average about $400, but about one-six would face a tax increase of nearly twice as much.
Almost every millionaire would get a tax cut averaging roughly $150,000. As a group, those making $1 million or more would receive nearly half the benefit of Romneys tax plan.
About one-third of those in $40,000 to $50,000 group would get a tax cut that would average about $400, but about one-six would face a tax increase of nearly twice as much.
Almost every millionaire would get a tax cut averaging roughly $150,000. As a group, those making $1 million or more would receive nearly half the benefit of Romneys tax plan.
Romney plan hits hardest those making less than $40,000, and primarily those households with children, as he would undo President Obamas expansion of the child tax credit.
And Romneys proposal only gets more lucrative for those at the very top of the income scale, giving those in the richest 0.1 percent an annual tax cut of nearly half a million dollars. In 2015 alone, the plan would add $600 billion to the deficit.
- more -
http://thinkprogress.org/economy/2012/01/05/398758/romneys-tax-plan-analysis/
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Romney’s Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families (Original Post)
ProSense
Jan 2012
OP
I'd like to know if there was anyone who expected any different from Romney. n/t
Sheepshank
Jan 2012
#2
TwilightGardener
(46,416 posts)1. A true man of the people, he is.
Sheepshank
(12,504 posts)2. I'd like to know if there was anyone who expected any different from Romney. n/t