Romney’s Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families

[kpete]

Romney’s Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families
By Pat Garofalo on Jan 5, 2012 at 4:30 pm

.................................

The Tax Policy Center released an analysis today showing that, contrary to Romney’s rhetoric, the overwhelming majority of the benefits under the plan would go to the wealthy. In fact, compared to the policy in place today, Romney’s plan would give millionaires a $150,000 tax cut, while raising taxes on many low-income families:
http://www.taxpolicycenter.org/taxtopics/romney-plan.cfm

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 Romney’s tax plan.

The rest:
http://thinkprogress.org/economy/2012/01/05/398758/romneys-tax-plan-analysis/

[Tuesday Afternoon]

1. dumbass.

[tclambert]

11. He knows where his campaign contributions come from.

Poor people weren't gonna vote for him anyway.

You just gotta spin it right. His plan "rewards job creators" and "restores fairness" by hiking taxes on those who aren't paying as much as rich people. (You have to measure in dollars, not percentage of income or wealth.)

[Tuesday Afternoon]

12. excuse me, I meant to call him a rich dumbass puppet with a stick up his ass.

[tclambert]

16. . . . and I'm gonna guess the puppet has a label that says, "Property of Koch Industries."

[cstanleytech]

18. Wrong, he does not have a stick up his ass and you know it.

In fact its impossible for him to have any stick up his ass since his head is currently wedged tight up in there.

[pnwmom]

20. He's not a dumbass. That would be the people in the 99% who vote for him. n/t

[Liberal_Stalwart71]

2. K&R and Bookmarked!

[jpak]

3. I bet $10,000 that Mitt is a 1% douchebag

yup

[pinboy3niner]

4. K&R

[Judi Lynn]

5. K & R. Thank you, kpete. n/t

[tclambert]

6. I am shocked, shocked . . .

to hear that he would allow these plans to leak out. The usual procedure is for Republican candidates to insist they love working class people and other "poor" people, and not to mention until after the election that they meant they love them IN STEW.

[Journeyman]

7. Gotta vote for Mitt, then . . .

I'd hate to see every millionaire struggling to make some loose ends fit.

[wandy]

8. You expected it to be different?

Romney is as diffrent from you and I as we are from ducks.
Government of the 1%, by the 1% for the 1%.

[BeyondGeography]

9. Stupid rich kid

[SpiralHawk]

10. How Republicon is that?

Kick the Proles in the nuts, and ladle out greazy gobs of Republicon Socialized Welfare for the Rich.

[AnotherMcIntosh]

13. Some might reason it is better to give $150,000 tax cuts to those who can actually use it.

[AlbertCat]

14. Because it's worked so well up til now.

[yankeeswin]

15. Good campaign talking point

Point out that Romney is going to get in office and give himself a tax cut. Don't say just the rich.

[JohnWxy]

17. RECOMMENDED.

[DallasNE]

19. So, Is The Plan Revenue Neutral?

My guess is no so the next question is how will Romney pay for this or does he just let the deficit explode? Romney has strongly criticized Obama's plan to scale back the rate of increase in defense spending so this is another area where Romney needs to explain how he pays for it. And why are none of the pundits asking Romney how he pays for any of this. They do a disservice to the American people when they neglect their responsibility.

[subterranean]

25. Are you kidding?

According to the analysis, his plan would explode the deficit by more than $6.5 trillion over 10 years. But of course we all know by now that deficits only matter when a Democrat is president.

[SemperEadem]

21. that's the kind of thinking that aided him in his job-killer capacity

give the ceo's bonuses and fire the "little people".

The only job creation he's done is for those who work at the unemployment office.

[sarcasmo]

22. The Republican way

[Shadowflash]

23. Just like our

Dumbass repuke governor pRick Snyder did to us in Michigan.

[wordpix]

24. perfect candidate for the 1%

[unkachuck]

26. "Almost every millionaire would get a tax cut..."

....why would anyone, anyone, including the average Republican, vote for this 250 million dollar rich Mormon for president? Haven't we all been fucked enough by the greedy 1%?

....c'mon Republicans, you can do better....send this rich Mormon packing, back to one of his mansions....

[MidwestTransplant]

27. Hey it did wonders for the economy and the middle class under Bush, so why not give it another go.

I wonder if he will convince most people to be dumb enough to fall for it again.

[Historic NY]

28. Why thats just perfect..........

says the 1 percenters.

[maximusveritas]

30. Robbing the poor to pay off his big donors. And it would add $600 billion to the deficit.

I guess he only cares about that when it's Obama increasing it in order to help working people who are struggling to get by and pay for health care.

[Maraya1969]

31. #OWS who don't want to support Obama. This is what you are thus asking for!

[Mojeoux]

33. Agreement

Obama is not left wing enough, damn sure, however......we don't elect Romney to teach Obama a lesson.

[Quantess]

32. He's just looking out for #1, himself.

That is maybe the least desirable trait in a presidential candidate.

[taught_me_patience]

34. Poor people who vote for him are suckers

but he'll still win all the southern states.

[itsrobert]

35. Too early to use this. Hold your fire.

Let's not give him wiggle room to squirm out of the trap he set for himself.

[hfojvt]

36. yeah, but the poor get the benefit from all the jobs his plan will create

both of them.

[ScottLand]

37. If you're surprised, I'm guessing you're new to DU.

[liberal N proud]

40. A government for the rich paid for by the poor people

[HughBeaumont]

41. This is their leading candidate:

A 1%er shamelessly asserting that he'll do his damnedest to make sure wealthy people get even wealthier and the non-wealthy will have the shaft further driven up.

I don't know what's sadder: that this phony Four F tool is their leading candidate or that he's not leading by much over a rather stupid and homophobic man who's last name is Super-Glued to an internet joke.

Unbelieveable. And I thought Two-Term Bewsh was the pinnacle of American stupidity.

Is this where American politics has sunk?

Is this where we're at?

Are there still people on this board that think either of these guys has a chance at beating President Obama in an election? Really??? Please explain to me why, RIGHT NOW.

[4dog]

42. "Mister 1 percent, " nt

[TomCADem]

43. "Taxes would fall for the country’s wealthiest and rise for some of the poorest ..."

Once again, we can see why Romney's is popular and why the corporate media is trying to paint Romney as a moderate:

http://articles.boston.com/2012-01-06/nation/30593617_1_tax-plan-tax-cuts-roberton-williams

"While millions of households would see tax cuts, thousands of poor Americans would see their tax bills rise, by an average of $1,000, because of changes to child and earned income credits"