Friday, August 3, 2012

The Romney Tax Plan

From the Dish:
In what should be a devastating moment for any campaign, a new report (pdf) from the nonpartisan Tax Policy Center yesterday exposed the upshot of Romney's tax plan:
"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. Even if tax breaks "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 [a year] from those making over $200,000 to those making less” than that. What would that mean for the average tax bill? Millionaires would get an $87,000 tax cut, the study says. But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year.
And people bitch about their taxes going up under Obama, even though they haven't.  I don't understand.

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