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Romney’s Tax Plan — Rich Get RIcher

Romney’s Tax Plan — Rich Get RIcher

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.

A lot.

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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175 comments

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9:02PM PST on Jan 10, 2012

There is no such thing as trickle down unless you have a hole in your roof. There has never been and never will be. That has been proven. There is only sucked up by the powerful.

Obama/Biden 2012!

For the sake of the Country, and the sake of the middle income, and the working poor, vote Democratic.

3:19AM PST on Jan 10, 2012

I'm not rich, so guess who I AM NOT voting for??

9:19PM PST on Jan 9, 2012

Marg W. The people of this country gave Harper a majority government, he can pretty much do whatever he likes, unfortunate but true. I DO hope you're right though....

5:16PM PST on Jan 9, 2012

Does anyone know of any candidate of any party that has demonstrated a true interest and concern for the middle class? Please reveal their identity now. If big political action committees could no longer make huge campaign contributions to back people like Romney, etc. the face of American government would sure look different. The middle class can't afford to support the class below AND the stinking rich above. Pretty soon we will be a two class society in this country if we don't pay attention.

4:29PM PST on Jan 9, 2012

How could we possibly be SURPRISED at this? The Republicans have voted this direction for YEARS!! I would only be surprised if they voted to support the little guy...

3:36PM PST on Jan 9, 2012

Mitt Romney is Greedo.. and I suggest he be dealt with the same way that Han Solo dealt with Greedo.

My friends, there is an Article of the US Constitution which the Republicans would like We, The People to forget about: Article 18, which grants The People the right to abolish and reform the sitting government, should the government cease to meet the needs of The People. If any of these Republican Tea Party puppets get into office, I suggest that we seriously consider exercising our Article 18 rights.. even if if requires a second American Revolution.

2:00PM PST on Jan 9, 2012

I feel the same way you do about the Harper government but I don' think he would be able to privatize jails in Canada! I am concerned about other things being privatized though!

11:50AM PST on Jan 9, 2012

We already have a Republican government in Canada, they call themselves Conservatives but they practice American style politics. They attack any group that doesn't agree with their policies which consist of destroying the environment, labeling anyone who disagrees or stick up for their rights terrorists, including abortionists and peaceful protesters. Harper the clown wants to build a LOT more prisons but wants the provinces to pick up the tab, I am SURE after they are built, he will privatize them and hand them over to his evil, ambitious friends at taxpayers expense. We will pay for the construction and then THEY will reap the benefit of owning the business.

10:25AM PST on Jan 9, 2012

It is long overdue that the nation return to Abraham's vision of,"government of the people, by the people, for the people" be returned TO THE PEOPLE (the 99%)!

9:54AM PST on Jan 9, 2012

Two types of people vote republican: The greedy rich and the terminally ignorant.

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