Study: Romney Plan Would Raise Taxes On 95% Of Americans

Mitt Romney's plan to overhaul the tax code would produce cuts for the richest 5 percent of Americans — and bigger ... in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or ... But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year


http://2012.talkingpointsmemo.com/2012/08/study-romney-plan-would-raise-taxes-on-95-of-americans.php

Mitt Romney’s tax plan would be a boon for the wealthy, but a tax hike for 95% of Americans, according to a new nonpartisan study.

The report, by researchers from both the Brookings Institution and Tax Policy Center, examined Romney’s suggestion of an across-the-board 20% income tax cut financed by closing existing loopholes and concluded there was no way to make the numbers work without burdening the vast majority of Americans with higher taxes.

Romney has not said which tax breaks he would end to finance his plan, but he has suggested that he would only look to breaks that benefit the wealthy. The report concluded that notion is a fantasy no matter how it’s constructed: There simply are too many middle class tax breaks on the table to avoid skewing the burden against the average American.

“Even if tax expenditures 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 from those making over $200,000 to those making less than that amount,” the report reads.

That $86 billion should lend quite the boost to the luxury goods market: “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).”

As for the other 95% of Americans? Not so much. The average tax increase needed to pay for the elite’s gains would be $500 per household.

President Obama, who is speaking in Ohio on Wednesday, is planning to seize on the study.

“He’s not asking you to contribute more to pay down the deficit, or to invest in our kids’ education,” Obama is expected to say, according to prepared remarks released by the campaign. “He’s asking you to pay more so that people like him can get a tax cut.”

 

The Brookings Institution and Tax Policy Center are in the tank for Obama?

 

From the Washington Post --

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.

“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.

http://www.washingtonpost.com/busin...n-for-others/2012/08/01/gJQAbeCCOX_story.html

 

You're right Donkey

It's funny watching the complete meltdown of the teejer.

It's almost like he's daring the Mods to ban him again.

oh well

 

What's really funny is him claiming I'm the one with no cred when we all know he was banned for three years because of bigoted views against the winner of the last election. The man lost his mind when Mr Obama was elected. Probably will again come November.


Oh well, whatever gets him through the night.

 

via CNN--

President Barack Obama's re-election campaign knocks Republican challenger Mitt Romney's vision for tax cuts and military spending in a new ad released Tuesday.

The 30-second spot, "Worried," begins with references to what could be interpreted as George W. Bush-era policies.


"You watched, and worried," the narrator says. "Two wars. Tax cuts for millionaires. Debt piled up."

Transitioning to present-day, the narrator then says, "And now we face a choice."

With a photo of Romney on screen, the narrator adds the presumptive GOP nominee's tax plan would support a $250,000 tax cut for millionaires, citing a report by the Tax Policy Center.



<iframe width="560" height="315" src="http://www.youtube.com/embed/FP58AcoRIFs" frameborder="0" allowfullscreen></iframe>

 

“Here’s the thing: he’s not asking you to contribute more to pay down the deficit, he’s not asking you to pay more to invest in our children’s education or rebuild our roads or put more folks back to work,” “He’s asking you to pay more so that people like him can get a big tax cut.”

-- President Obama