A more appropriate title might be “Romney’s Tax Plan is a Gift to Millionaires & Billionaires, as he proclaims “Screw the middle class!”.
In an October debate, Romney claimed that he was all about helping the middle class, and that he so wasn’t concerned about helping rich people.
“If I’m going to use precious dollars to reduce taxes, I want to focus on where the people are hurting the most, and that’s the middle class. I’m not worried about rich people.”
And yet, Mitt Romney’s tax plan benefits millionaires to the tune of $150,000 each, and billionaires $500,000 each, while it takes dollars away from the poor, and especially from families with children. Romney’s tax plan gives little or no benefit to middle class households, and the implementation of the plan would cause the deficit to sky rocket, all so Mitt Romney can buy the favorable opinion, and thus the financial support, of his fellow one percenters. Think Progress:
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:
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.
Romney plan hits hardest those making less than $40,000, and primarily those households with children, as he would undo President Obama’s expansion of the child tax credit.
And Romney’s 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.
Sounds a lot like the Bush tax cuts for the wealthy.
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