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Romney Tax Plan Helps Rich, Hurts Niddle Class: Study
Reuters ^ | 8.2.12 | Kim Dixon

Posted on 08/02/2012 9:10:26 AM PDT by Wise Hectare

Republican U.S. presidential challenger Mitt Romney's proposal to slash income taxes by 20 percent across the board would boost income for the wealthiest taxpayers while reducing it for the middle class, according to a nonpartisan analysis released on Wednesday.

The report by the centrist Tax Policy Center found that Romney's tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000....

The Tax Policy Center, a joint venture between the Brookings Institution and the Urban Institute, is led by Donald Marron, a former economic official in the administration of Republican President George W. Bush.

Another of the study's authors, William Gale, was an economic adviser to Republican President George H.W. Bush....

About two-thirds of the $1.1 trillion in revenues that the government foregoes annually because of tax breaks would have to be curbed to fund Romney's tax cut, the analysts said.

These tax breaks include popular ones such as the mortgage interest deduction, the break for employer-provided health insurance, and credits for low- and middle-income families.

The analysis assumed elimination of tax breaks would start with the wealthy, as Romney has suggested, and that some revenue growth would come from lowering tax rates.

The revenue-boosting promise of lowering taxes, especially for the wealthy, is a hallmark of Republican tax policy, though "trickle-down" economics is disputed by many economists....

(Excerpt) Read more at in.reuters.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Government; Politics/Elections
KEYWORDS: 2012; 2012election; mittens; mitthetwit
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Conservative Republicans are not impressed with Mittens.
1 posted on 08/02/2012 9:10:39 AM PDT by Wise Hectare
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To: Wise Hectare

What’s the Niddle class?

:-P


2 posted on 08/02/2012 9:11:55 AM PDT by History Repeats (Drink plenty of TEA, but avoid the Koolaid.)
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To: Wise Hectare

well.. since the well off pay disporportionately more in taxes, they should get a disporportional benefit from an across the board cut.


3 posted on 08/02/2012 9:13:52 AM PDT by camle (keep an open mind and someone will fill it full of something for you)
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To: Wise Hectare

Let’s face it, relying on either of the Bush’s economic advisers is not the best thing to do.


4 posted on 08/02/2012 9:13:54 AM PDT by ilgipper ( November cannot come soon enough)
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To: Wise Hectare

So, now we’re posting Dem/Obama talking points here?


5 posted on 08/02/2012 9:14:03 AM PDT by B Knotts (Just another Tenther)
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To: Wise Hectare

I just received my tax return for 2011 back from the IRS. It puzzles me!!!

They are questioning how many dependents I claimed. I guess it was because of my response to the question: “List all dependents?”

I replied: 12 million illegal immigrants; 3 million crack heads; 42 million unemployed people on food stamps, 2 million people in over 243 prisons; Half of Mexico; and 535 persons in the U.S. House and Senate.”

Evidently, this was NOT an acceptable answer. I KEEP ASKING MYSELF, WHOM DID I MISS?


6 posted on 08/02/2012 9:14:14 AM PDT by PLD
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To: Wise Hectare
Another of the study's authors, William Gale,

Read no further than this.

William Gale is an IDIOT!

7 posted on 08/02/2012 9:14:55 AM PDT by Bigun ("The most fearsome words in the English language are I'm from the government and I'm here to help!")
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To: History Repeats

I beg your pardon. I have always considered myself to be in the upper niddle class.


8 posted on 08/02/2012 9:15:12 AM PDT by jimfree (In Nov 2012 my 12 y/o granddaughter will have more relevant executive experience than Barack Obama)
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To: B Knotts

Of course he/she is.


9 posted on 08/02/2012 9:17:04 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: Bigun

Anything involving the Brookings Institute is neither centrist nor nonpartisan.


10 posted on 08/02/2012 9:17:44 AM PDT by p. henry
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To: jimfree
Independent analyses of current and emerging tax policy issues from the Urban Institute and Brookings Institution. mirror image of Heritage institute

Article calls this group Centrist?
11 posted on 08/02/2012 9:19:02 AM PDT by stocksthatgoup (Common sense although common knowledge is seldom common practice.)
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To: jimfree
Independent analyses of current and emerging tax policy issues from the Urban Institute and Brookings Institution. mirror image of Heritage institute

Article calls this group Centrist?
12 posted on 08/02/2012 9:19:02 AM PDT by stocksthatgoup (Common sense although common knowledge is seldom common practice.)
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To: Wise Hectare

#1 So I’m guessing you’re voting for Obama?


13 posted on 08/02/2012 9:19:18 AM PDT by mort56
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To: Wise Hectare
"The rich" don't spend all their money on trinkets.

They invest their money in businesses that create SUSTAINABLE jobs, that is jobs that generate profit.

Government jobs are UNSUSTAINABLE. They generate no profit. Every government job created destroys three private-sector jobs.

I'm all for "the rich" creating more jobs.

Why are you against "the rich" creating more jobs?

14 posted on 08/02/2012 9:19:40 AM PDT by E. Pluribus Unum (Government is the religion of the collectivists.)
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To: jimfree

As an accomplished seamstress, I’ve been told I’m in the upper needle class, myself.


15 posted on 08/02/2012 9:20:07 AM PDT by rightwingintelligentsia (Be careful of believing something just because you want it to be true.)
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To: PLD

I think you missed 1 0ccuppier (and family) in the WHite House


16 posted on 08/02/2012 9:20:13 AM PDT by Will not Live for another Man
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To: Wise Hectare

Remove punative, anti-business regulations that stifle investment and then see what happens.

The left and so-called progressives are predominantly liars.


17 posted on 08/02/2012 9:21:02 AM PDT by onedoug
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To: History Repeats
What’s the Niddle class?

The Niddle Class are the ones who expect to have what you have, but are not willing to WORK for it.

Romeny's plan may hurt offend these folks.

18 posted on 08/02/2012 9:21:37 AM PDT by Jane Long (Soli Deo Gloria!)
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To: Wise Hectare

Please tell me how if my taxes get cut by 20% that I will end up paying more taxes.


19 posted on 08/02/2012 9:21:37 AM PDT by frogjerk (OBAMA NOV 2012 = HORSEMEAT)
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To: Wise Hectare

“Reuters” + “non-partisan analysis” = DNC talking points..

“Study” = DNC talking points with graphs and tables....


20 posted on 08/02/2012 9:21:57 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: Wise Hectare
nid·dle verb \ˈnidəl\
-ed/-ing/-s

Definition of NIDDLE

chiefly Scot
intransitive verb
: to move quickly

21 posted on 08/02/2012 9:22:09 AM PDT by GSWarrior
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To: Bigun
The Tax Policy Center, a joint venture between the Brookings Institution and the Urban Institute . . .

Gee, a non-partisan study based on a joint venture between the left-leaning Brookings Institution and the far left Urban Institute. Who could possibly disagree with those conclusions?

News flash: tax cuts help anybody who pays taxes. Those who don't, not so much unless you want to count the tiny tens of millions who get employed by those who do pay taxes.

22 posted on 08/02/2012 9:22:12 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: History Repeats

Niddle class people generally go through life niddling a little of this and a little of that. It is remakable how much one can truly niddle if one puts one’s mind to it.

Ah, niddle mind.


23 posted on 08/02/2012 9:22:21 AM PDT by RexBeach (Mr. Obama Can't Count.)
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To: rightwingintelligentsia

Thank you RWI. LOL. Mrs. jimfree is also a member of the upper needle class. You both have my admiration.


24 posted on 08/02/2012 9:22:27 AM PDT by jimfree (In Nov 2012 my 12 y/o granddaughter will have more relevant executive experience than Barack Obama)
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To: Wise Hectare
The Brookings Institution

Their studies will show whatever you want.

Just bring lots of cash.

Follow the money trail.

25 posted on 08/02/2012 9:23:51 AM PDT by TYVets (Pure-Gas.org ..... ethanol free gasoline by state and city)
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To: Wise Hectare

Welcome to Free Republic!


26 posted on 08/02/2012 9:24:27 AM PDT by frogjerk (OBAMA NOV 2012 = HORSEMEAT)
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To: Wise Hectare

How could cutting a person’s taxes by 20% leave them worse off????

Next, won’t a business with a 20% cut employ some of those people?


27 posted on 08/02/2012 9:25:02 AM PDT by Williams (No Obama)
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To: frogjerk
You silly fool! Don't you understand that giving you a tax cut automatically means they will just tax more of your income by taking away things such as the mortgage interest deduction (unfair to renters) or employer provided healthcare insurance (unfair to the unemployed)?

Get with the program or it will be off to the gulag for you! < / sarcasm >

28 posted on 08/02/2012 9:26:42 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Wise Hectare

“Republican U.S. presidential challenger Mitt Romney’s proposal to slash income taxes by 20 percent across the board would boost income for the wealthiest taxpayers while reducing it for the middle class, according to a nonpartisan analysis released on Wednesday.”

That is what the story says. but it makes no sense.
In fact, it is not the tax cuts that reduce after-tax income of the middle class, but the ending of certain deductions, according to the study. Ending deductions is a form of raising taxes. So, it is raising taxes, not lowering them, that reduces after-tax income.


29 posted on 08/02/2012 9:27:07 AM PDT by buridan
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To: Wise Hectare
How can you tell that the "centrist Tax Policy Center" is a left-wing front group?

Simple. The MSM calls them "centrist".

From Wikipedia:

The Tax Policy Center (TPC) is a partisan joint venture of the Urban Institute and the Brookings Institution.
Both of which, of course, describe themselves as "non-partisan". Right.

MRC's Worst of the Week: Obama's Liberal Buddies = 'Non-Partisan' Experts?

30 posted on 08/02/2012 9:27:26 AM PDT by jdege
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To: Wise Hectare

Have the tax cuts that are currently in place produced many jobs?


31 posted on 08/02/2012 9:29:23 AM PDT by stuartcr ("When silence speaks, it speaks only to those that have already decided what they want to hear.")
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To: buridan

Agreed, and Romney has not called for eliminating those deductions for the middle class. The study authors assumed they must be eliminated.


32 posted on 08/02/2012 9:29:27 AM PDT by Williams (No Obama)
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To: p. henry
Anything involving the Brookings Institute is neither centrist nor nonpartisan.

AMEN!!!

33 posted on 08/02/2012 9:31:18 AM PDT by Bigun ("The most fearsome words in the English language are I'm from the government and I'm here to help!")
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To: Wise Hectare
Didn't see a link to the report in the news story. On another forum I frequent, the libs are crowing about it. So I went and found the report here. Found something interesting very early on in the report:

This paper examines the tradeoffs among three competing goals that are inherent in a revenueneutral income tax reform—maintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax rates. As a motivating example, we estimate the degree to which individual income tax expenditures would have to be limited to achieve revenue neutrality under the individual income tax rates and other features advanced in presidential candidate Mitt Romney’s tax plan, and how the required reductions in tax breaks could change the distribution of the tax burden across households. (We do not score Governor Romney’s plan directly, as certain components of his plan are not specified in sufficient detail, nor do we make assumptions regarding what those components might be.)

Look at that last line. They do NOT score Romney's plan directly because certain components are not specified in sufficient detail. Check out page 3 of the report where they discuss their modeling assumptions, in other words the number of assumptions they had to use in order to reach their conclusions. Not scoring the plan directly plus modeling assumptions, and THIS is their a-HA moment? Really?

34 posted on 08/02/2012 9:33:04 AM PDT by Severa (I can't take this stress anymore...quick, get me a marker to sniff....)
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To: Vigilanteman

I agree with every word you posted!


35 posted on 08/02/2012 9:33:21 AM PDT by Bigun ("The most fearsome words in the English language are I'm from the government and I'm here to help!")
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To: Wise Hectare

The niddle class always takes it on the chin.
Poor, poor niddle class.


36 posted on 08/02/2012 9:36:44 AM PDT by Lancey Howard
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To: Wise Hectare

When you tax the Niddle Class, only outlaws will take a class in Niddling

or, something like that


37 posted on 08/02/2012 9:42:14 AM PDT by Mr. K ("The spread of evil is the symptom of a vacuum [of good]")
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To: frogjerk
Please tell me how if my taxes get cut by 20% that I will end up paying more taxes.

Simple: Have a bunch of biased clymers make outlandish assumptions and publish them as fact. To wit:

Romney, former governor of Massachusetts and a multi-millionaire who made a fortune at private equity firm Bain Capital, has not spelled out how he would lower tax rates. He has said broadly he would cut some tax benefits for the wealthy.

Because the value of the 20-percent tax cut for richer Americans would exceed the gains they get from popular tax breaks that Romney might chop, they would see the greatest income gain from Romney's possible changes, the study said.

"We add up how much people get from the tax cuts and then add up how much can potentially be raised," from ending tax breaks, said Looney, an economist and study co-author.

See? A textbook example of how members of Obama's state-run media do his bidding.
38 posted on 08/02/2012 9:45:52 AM PDT by Dahoser (Separation of church and state? No, we need separation of media and state.)
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To: Wise Hectare

When asked how I’m doing, I generally reply, “fair to niddlin’.”


39 posted on 08/02/2012 9:49:07 AM PDT by Disambiguator
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To: Will not Live for another Man

You are right I DID MISS THE FREE LOADERS IN THE WHITE HOUSE... B.O.and Big Butt..


40 posted on 08/02/2012 9:54:08 AM PDT by PLD
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To: Wise Hectare

I’m glad I’m not in the Niddle Class.


41 posted on 08/02/2012 9:55:01 AM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: Wise Hectare

I, for one, think we need a tax plan that “hurts” the middle and lower classes. The 50% of the people in this country who pay NO NET TAXES. These are the leeches who vote themselves more money at the expense of the productive class. They need to feel some hurt from a tax bite.


42 posted on 08/02/2012 9:55:54 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Wise Hectare

Geez, what a load of clumsy propaganda.


43 posted on 08/02/2012 9:56:54 AM PDT by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: Wise Hectare

Buh bye, nothing but ozone...LOL!


44 posted on 08/02/2012 10:35:37 AM PDT by Kolb (Compone Accomoda Supera)
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To: rightwingintelligentsia
As an accomplished seamstress, I’ve been told I’m in the upper needle class, myself.

I'm a metal aged person myself. Silver in my hair, gold in my teeth and lead in my a$$.

45 posted on 08/02/2012 10:54:13 AM PDT by Graybeard58 (Free people, when presented only with evil choices, create other choices.(EternalVigilance))
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To: History Repeats

The Niddle Class is the class of people who spend all day niddling. I hope that satisfies your morbid curiosity. (snicker) This Wise Hectare is a liberal troll who’s been posting nonsense for the last hour. Watch for the zot.


46 posted on 08/02/2012 11:01:46 AM PDT by driftless2
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To: driftless2; jimfree; Jane Long; RexBeach

Appears that we’ve turned this into a Groucho Marx routine. LOL


47 posted on 08/02/2012 11:51:27 AM PDT by History Repeats (Drink plenty of TEA, but avoid the Koolaid.)
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To: driftless2

It appears the zot has taken place. I thought I smelled the scent of burned crap when he was zotted.


48 posted on 08/02/2012 11:56:58 AM PDT by History Repeats (Drink plenty of TEA, but avoid the Koolaid.)
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To: History Repeats

“Why I’d horse whip you, if I had a horse!”


49 posted on 08/02/2012 12:27:36 PM PDT by RexBeach (Mr. Obama Can't Count.)
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To: RexBeach

I shot an elephant in my pajamas. How he got in my pajamas I’ll never know. :-)


50 posted on 08/02/2012 1:07:44 PM PDT by History Repeats (Drink plenty of TEA, but avoid the Koolaid.)
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