Skip to comments.Romney Tax Plan Helps Rich, Hurts Niddle Class: Study
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 ...
What’s the Niddle class?
well.. since the well off pay disporportionately more in taxes, they should get a disporportional benefit from an across the board cut.
Let’s face it, relying on either of the Bush’s economic advisers is not the best thing to do.
So, now we’re posting Dem/Obama talking points here?
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?
Read no further than this.
William Gale is an IDIOT!
I beg your pardon. I have always considered myself to be in the upper niddle class.
Of course he/she is.
Anything involving the Brookings Institute is neither centrist nor nonpartisan.
#1 So I’m guessing you’re voting for Obama?
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?
As an accomplished seamstress, I’ve been told I’m in the upper needle class, myself.
I think you missed 1 0ccuppier (and family) in the WHite House
Remove punative, anti-business regulations that stifle investment and then see what happens.
The left and so-called progressives are predominantly liars.
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.
Please tell me how if my taxes get cut by 20% that I will end up paying more taxes.
“Reuters” + “non-partisan analysis” = DNC talking points..
“Study” = DNC talking points with graphs and tables....