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The Romney plan would reduce federal tax revenues substantially. TPC estimates that on a static basis, the Romney plan would lower federal tax liability by $600 billion in calendar year 2015 compared with current law, roughly a 16 percent cut in total projected revenue. Relative to a current policy baseline, the reduction in liability would be roughly $180 billion in calendar year 2015.
The Romney plan would change the distribution of the federal tax burden
TPC Tax Topics | romney-plan
But much of the largess goes to those with the highest incomes. Households making more than $1 million would get an average tax cut of almost $300,000, largely because, as owners of capital, theyd receive the bulk of the benefit of Romneys very generous corporate tax reductions. While those making $1 million-plus pay about 20 percent of all federal taxes, theyd receive more than 28 percent of Romneys tax cuts.
Compared to that already-generous law, the average tax cut for all households shrinks from $3,500 to about $1,000 and 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 child and earned income 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 everyone who makes more than $1 million would get a tax cut averaging roughly $150,000. As a group, theyd receive nearly half the benefit of Romneys tax plan.
Romney's Tax Plan: Big Benefits For The Wealthy And A Bigger Deficit - Forbes
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In another post, someone who applauded Obama getting Bin Laden said no matter what, he was voting for Mitt.
I said, "You don't want to vote for who keeps you safe but who wants to screw you over" and he wrote back that didn't make sense.
Then I realized, people don't understand Mitt's "Tax Plan". Come on people. He's a "vulture capitalist". Why on earth do you think he would help the middle class? His entire career has been to screw them out of money. His company even took government subsidies and left people holding the bag over and over again.
But for some strange reason, the Republican "middle class" doesn't see themselves as "middle class". They don't believe that policies that will screw over the middle class will affect them.
The Romney plan would change the distribution of the federal tax burden
TPC Tax Topics | romney-plan
But much of the largess goes to those with the highest incomes. Households making more than $1 million would get an average tax cut of almost $300,000, largely because, as owners of capital, theyd receive the bulk of the benefit of Romneys very generous corporate tax reductions. While those making $1 million-plus pay about 20 percent of all federal taxes, theyd receive more than 28 percent of Romneys tax cuts.
Compared to that already-generous law, the average tax cut for all households shrinks from $3,500 to about $1,000 and 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 child and earned income 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 everyone who makes more than $1 million would get a tax cut averaging roughly $150,000. As a group, theyd receive nearly half the benefit of Romneys tax plan.
Romney's Tax Plan: Big Benefits For The Wealthy And A Bigger Deficit - Forbes
---------------------------------------------
In another post, someone who applauded Obama getting Bin Laden said no matter what, he was voting for Mitt.
I said, "You don't want to vote for who keeps you safe but who wants to screw you over" and he wrote back that didn't make sense.
Then I realized, people don't understand Mitt's "Tax Plan". Come on people. He's a "vulture capitalist". Why on earth do you think he would help the middle class? His entire career has been to screw them out of money. His company even took government subsidies and left people holding the bag over and over again.
But for some strange reason, the Republican "middle class" doesn't see themselves as "middle class". They don't believe that policies that will screw over the middle class will affect them.
