Mitt Romney's tax plan would provide large tax cuts to the very wealthy, while increasing the tax burden on the lower and middle classes, according to a study released Wednesday.
The report -- produced by researchers at the Urban-Brookings Tax Policy Center -- illustrates just how difficult it would be to recoup government revenue lost under Romney's plan.
The presumptive Republican presidential nominee's tax plan calls for 20% cuts to today's Bush-era income tax rates. He would also eliminate the Alternative Minimum Tax.
Those tax cuts would lead to a sharp decline in government revenue. Yet Romney insists he will make up the difference in-part by limiting deductions, exemptions and credits currently available to top-level income earners.
Romney refuses to say which tax breaks he plans to eliminate -- but the Tax Policy Center report indicates the plan would force the tax burden to shift toward lower and middle-class Americans.
Obama's plan is to take low and middle income people off the tax roles by eliminating jobs in the work place. So far it has been very successful with official unemployment at 8.3% and unofficial unemployment much higher.
So the choice for Americans in November is less jobs under Obama and therefore less taxes.
Or a revitalized economy under Mitt?
Thomas Sowell: There are no solutions, just trade-offs.
The other Obama plan. Keep the economy barely sputtering along at 1.5% growth, not even enough for the kids coming into the workplace to find jobs. This will encourage illegal aliens to go home.
This combined with Obama's other plan to decrease the expense of illegals by not deporting or even arresting them.
Thomas Sowell: There are no solutions, just trade-offs.
Romney's tax plan, while vague on details, is generally the same as President "One Big Ass Mistake America"'s Bi-Partisan Deficit commission tax recommendations. Lower all rates and nix most deductions. Same plan recommended by most sane economists and tax experts.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
Funny, isn't it? You mention that Romney HAS NO PLAN...And what he does hint about will shift the burden to the middle-class and poor, and the only thing the teabaggers have is: "Well, Obama's plan ____[insert standard regurgitated FauxNews talking-points here]___________"
I'm so glad to know that the Righties here are ready to speak about the so-called Romney tax-plan and what it would mean to America...
Apparently, after weeks/months of waiting for the Righties to explain what they like about Romney, or what SPECIFICS they like about any of his "plans", the only thing they can come up with is, "He's not Obama." Yeah, I get that... And......?
What I am hearing from the conservatives here is that they are willing, even eager, to pay more taxes as long as it's a Republican asking them to do so.
LOL wrote: Romney's tax plan, while vague on details, is generally the same as President "One Big Ass Mistake America"'s Bi-Partisan Deficit commission tax recommendations. Lower all rates and nix most deductions. Same plan recommended by most sane economists and tax experts.
Yes, I was going to make the same comment. Romney's plan is very similar to the plan suggested by Obama's deficit commission.
On the surface, it makes a lot of sense because it eliminates many deductions ("loop holes") and reduces rates accross the board. It makes taxes simpler, though I'd also reduce the number of brackets (but don't support a flat tax).
The problem is he isn't specific enough. Apparently his tax cuts would not cover the budget even with his spending cuts (which also aren't very specific). I think he's saying the cuts will stimulate the economy which would collect more federal income, but that's a leap of faith. He also says he'll increase the tax base.
I haven't yet read the Tax Policy Center's latest paper (I read an earlier one) so I'm not clear how they conclude it would raise taxes for the middle class. I would think the 20% cut in tax brackets would cover any loss of deductions in most cases . Plus he proposes eliminating taxes on interest, dividends, and capital gains for the middle class (income below $200K). He also promises the higher income people will continue to pay the same significant portion of total taxes collected as they do today. I don't know if the Tax Policy Center took that into consideration. I guess I'll have to research it more to find out...
