Willard's Tax Plan Will Raise Taxes on 95% of Americans

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.

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

[quote="othershoe"]Does it strike anyone else as odd that of all the volumes of tax expenditures listed it is usually the tax credit for interest paid on a home mortgage that gets propped up for consideration. This is as if to say to Joe six-pack, gee, so you don't like tax breaks? Well we can take yours too!

How about tax expenditures for the oil companies who are among the wealthiest groups on the planet?[/quote

How about cutting out the subsities for oil companys who are posting yet again record profits?

[quote="Gunz"]

othershoe wrote:

Does it strike anyone else as odd that of all the volumes of tax expenditures listed it is usually the tax credit for interest paid on a home mortgage that gets propped up for consideration. This is as if to say to Joe six-pack, gee, so you don't like tax breaks? Well we can take yours too!

How about tax expenditures for the oil companies who are among the wealthiest groups on the planet?[/quote

How about cutting out the subsities for oil companys who are posting yet again record profits?

Yes Gunz, cutting/eliminating! those tax expenditures, that's what I meant to say, lol. Of course voting for Mittens is like voting a banker into the white house. Maybe that would be more efficient what with cutting out the middle man? Hardly.

The original premise of lowering taxes for the wealthy was that the wealthy generally are the ones who will utilize a tax break to generate business which generates jobs, alas, that premise has be redefined as money that can be placed in off shore banking institutions or sent to Swiss Bank accounts to save paying perhaps ANY taxes which leads me to the demand that Mitt disclose all of his tax receipts for the past 10 years, and with the clear promise that if any tampering is discovered that charges of tax evasion will follow.