Mitt Romney's tax proposal is like "Robin Hood in reverse." The non-partisan Tax Policy Institute said that Romney's proposals will likely increase taxes by $2,000 for middle-class wage earners to pay for generous tax break for the country's most wealthy.
You have to be a good campaigner to be a good president. President Barrack Hussein Obama has been both. At few of his accomplishments.
- Averted another great depression.
- Bin Laden dead.
- Khaddafi gone.
- Troops home from Iraq
- The Arab spring.
- For the first time in history, a national health care program.
- Finally some progress on the Dream act.
- Finally a leader who is willing to take a stand on the issue of gay marriage.
- Once again, America respected abroad.
He did this despite GOP attempts to block progress. He definitely deserves four more years.
Fun to read the posts of the desperate and pathetic supporters of Mittens. They know that they have the weakest candidate since Wendell Wilke who only carried ten out of 48 states in 1940. On November 6 I will be playing my favorite Fleetwood Mac song LANDSLIDE and drinking a toast to four more years of President Barack Obama. Hurry November.
You got that from CNN parroting what Obummer said. Get a better source please.
TAX POLICY CENTER:
The plan would reduce the six current income tax rates by one-fifth, bringing the top rate down from 35 percent to 28 percent and the bottom rate from 10 percent to 8 percent. The accompanying repeal of the AMT would increase the tax savings from the rate cuts—without that repeal, the AMT would reclaim much of the tax savings.
The plan would recoup the revenue loss caused by those changes by reducing or eliminating unspecified tax breaks, thereby making more income subject to tax. Gov. Romney says that the reductions in tax breaks, in combination with moderately faster economic growth brought about by lower tax rates, will make the individual income tax changes revenue neutral compared with simply extending the 2001 and 2003 tax cuts. He also promises that low- and middle-income households will pay no larger shares of federal taxes than they do now.
Discuss the entire TPC statement please.
Absent any base broadening, the proposed reductions in individual and estate taxes specified in Governor Romney’s plan would decrease federal tax revenues by $360 billion in 2015.
These tax cuts predominantly favor upper-income taxpayers: taxpayers with incomes over $1 million would see their after-tax income increased by 8.3 percent (an average tax cut of about $175,000), taxpayers with incomes between $75,000 and $100,000 would see somewhat smaller increases of
about 2.4 percent (an average tax cut of $1,800), while the after-tax income of taxpayers earning less than $30,000 would actually decrease by about 0.9 percent (an average tax increase of about $130) due to the expiration of the temporary tax cuts enacted in 2009 and extended at the end of 2010.
In order to form a revenue neutral plan, the proposed revenue reductions from lower rates must be financed with an equal-value elimination or reduction in available tax preferences. (In our analysis, we assume that eliminating preferences that lower rates on savings and investment is off the table.) Offsetting the $360 billion in revenue losses necessitates a reduction of roughly 65 percent of available tax expenditures. Such a reduction by itself would be unprecedented, and
would require deep reductions in many popular tax benefits ranging from the mortgage interest deduction, the exclusion for employer-provided health insurance, the deduction for charitable contributions, and benefits for low- and middle-income families and children like the EITC and child tax credit.