Skip to comments.How Big is Romney's Middle Class Tax Cut?
Posted on 10/15/2012 1:44:16 PM PDT by 92nina
The Romney-Ryan tax plan gets a jumpstart on fundamental tax reform. To do this, the plan would lower all marginal income tax rates by 20 percent. To pay for this rate reduction, the Romney-Ryan tax plan would broaden the income tax base, but only for high earners. Below is how three typical middle-income households will fare under the Romney-Ryan tax plan (each household is assumed to use the standard deduction and personal exemptions/child tax credit):
Family of Four earning the median income:
Adjusted gross income: $70,000
Federal income tax under present rules: $3,581
Federal income tax under Romney-Ryan: $2,465
Annual Tax Savings: $1,116
Single parent with two dependent children:
Adjusted gross income: $50,000
Federal income tax under present rules: $1,874
Federal income tax under Romney-Ryan: $1,099
Annual Tax Savings: $775
Adjusted gross income: $30,000
Federal income tax under present rules: $2,609
Federal income tax under Romney-Ryan: $2,087
Annual Tax Savings: $522
Read more: http://atr.org/big-romneys-middle-class-tax-cut-a7237#ixzz29OywnxnL
Romney has the right plan to help jump start the economy.
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