Former Massachusetts Governor Mitt Romney did extraordinarily well among higher income earners when it came to the Iowa caucus voters, and it’s little wonder. If Romney is elected president and passes his proposed tax plan, they stand to profit.
According to the non-partisan Tax Policy Center, the richest Americans would be saving large amounts of money, while the poorest Americans would actually be paying more. The Associated Press reports that, “Households making between $50,000 and $75,000 would get small tax cuts, averaging 2.2 percent, or about $250, the study said. People making more than $1 million would get tax cuts averaging 15 percent, or about $146,000. ‘Virtually everybody with a big income is getting a tax cut,’ said Roberton Williams, a senior fellow at the Tax Policy Center.”
Ezra Klein breaks down the numbers himself and explains, “Compared to current rates, Romney’s plan would cost a family in the bottom 20 percent $157 and save a family in the top 1 percent $82,000. That looks pretty tilted toward the rich.” The only good thing he can say about the plan? At least it’s not as lopsided as some of the other presidential candidates.
Not only would Romney’s plan put more burden on the poor, do little to help the middle class, and enrich the wealthy even more than the current system, but it would also add $180 billion to the deficit due to lost revenue. But surely, the GOP will come up with some way to balance that out with spending cuts, right? And once again, the poor would take on even more burden for financially propping up the upper class.
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