When Willard isn’t busy taking irrevocable stances on both sides of issues, belittling people he considers inferior, insulting commoners, hiding his wealth, etching his sketch, and lying about everything that he uses to support his claim that he is worthy of the Presidency, he’s looking for ways to raise YOUR taxes so he can pay less. Unfortunately for him, new analysis of his tax plan proves that is exactly what his plan does.
President Obama is seizing on a study out Wednesday to support his argument that Mitt Romney is focused on boosting the rich at the expense of the middle class.
The study from the Tax Policy Center looks at the impact of Romney's tax plan, which he promises will be revenue neutral. Romney has vowed to cut tax rates by 20 percent across the board, repeal the estate tax and get rid of taxes in investment income for those making up $200,000. He says the reduction these tax cuts will have on tax revenue will be offset in part by eliminating deductions and loopholes, though he has refused to say what deductions and loopholes he would eliminate…
…The Tax Policy Center – a joint project of the Brookings Institution and the Urban Institute – found that if Romney wants his plan to be revenue neutral, it will result in "large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers."…
…The group said that Romney's plan would reduce federal tax revenues by $360 billion in the year 2015, with the tax breaks overwhelmingly favoring the wealthiest Americans. It looked at what would happen if Romney explicitly sought to cut tax expenditures for those making the most. It found that even under that assumption, those making more than $1 million would see their after-tax incomes increased by more than 4 percent – with an average tax cut of roughly $87,000. To maintain revenue-neutrality, those earning less than $200,000 would have to see their after-tax income decreased by 1.2 percent, with an average tax increase of $500 per household… [emphasis added]
Inserted from <CBS>
Lawrence O'Donnell discussed Romney's tax plan and how Obama called him out on it with Howard Fineman and David Cay Johnston.
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Obama should keep calling Romney out on this. Democrats should remind America every day that Republicans want to raise YOUR taxes to give more welfare to millionaires, billionaires and corporate criminals.
If you want your taxes to INCREASE by $500 to give millionaires a tax cut of $87,000+, while increasing the deficit to do so, vote Republican. Otherwise, vote Democratic.
11 Responses to “Romney’s Tax Increase for the 95%”
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On 29/07/12, you ran an article "Republicans Still Want to Raise Your Taxes" and my response was as follows:
Rmoney has already endorsed the Ryan plan and so to me, it is no surprise that the tax plans are very similar. The Tax Policy Centre, which Rmoney previously lauded as a conservative non partisan organisation is now being called a liberal organisation. They have said his plan, in order to be revenue neutral will provide "large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers."…
I agree, the Democrats need to keep calling Rmoney out on this because his figures and Ryan's figures just don't add up to good policy. As you've said before TC, it is just welfare for the corporations, millionaires and billionaires. I have been reading various threads on Care2 and one of the things I have noticed in the past few days is that there seem to be more people who would like a third option but will vote Democratic, not so much because it is the option of least evil, but because of the tax and healthcare issues. Rmoney's refusal to expound upon his ideas, his refusal to ante up his tax returns, and his total misunderstanding of healthcare (in Israel he mentioned that Israeli healthcare costs totaled 8% of GDP while the US system costs 18% of GDP — really funny when you consider that Israel has a social heathcare plan) seems to be fueling their dissatisfaction. Going back to today's Open Thread, a Rmoney tax plan will be Days of Destruction with Days of Revolt to follow.
Vote Democratic 2012!!!!! Vote Obama/Biden 2012!!!!!
I hope that trend continues. It we could ditch the plurality rules in election law, and require a runoff between the top two of none get a majority, I'd be inclined to vote for a more progressive option on the initial ballot. However, i undersand that in the current system, hopes for a third party President is just pie in the sky.
The figures speak for themselves, but let George Bush say it: VOODOO ECONOMICS.
Indeed. If memory serves the George was GHW, not Crawford Caligula.
"If you want your taxes to INCREASE by $500 to give millionaires a tax cut of $87,000+, while increasing the deficit to do so, vote Republican. Otherwise, vote Democratic.
Vote Obama/Biden 2012!!!!!
You quoted my best line. 🙂
Looks like income redistribution to me. Only this time it is from people who can't afford it to people who don't need it.
All taxes are redistributive, Jerry. Romnet wants to change the present upward redistribution to worse upward redistribution.
No "trickle down" economics for Mittens. He wants "geyser up" economics".
Trickle down has always gushed up.
Wow, I wish our IRA had increased as much as Rmoney's. We could get our kid home from Mississippi, give him his own business. I shared this on Facebook so my Republican friends might see it. Thanks, Tom, for posting.