Romney Plan Would Raise Taxes On 95% Of Americans

Jeanwah

http://2012.talkingpointsmemo.com/2012/ ... ricans.php

Mitt Romney’s tax plan would be a boon for the wealthy, but a tax hike for 95% of Americans, according to a new nonpartisan study.

The report, by researchers from both the Brookings Institution and Tax Policy Center, examined Romney’s suggestion of an across-the-board 20% income tax cut financed by closing existing loopholes and concluded there was no way to make the numbers work without burdening the vast majority of Americans with higher taxes.

Romney has not said which tax breaks he would end to finance his plan, but he has suggested that he would only look to breaks that benefit the wealthy. The report concluded that notion is a fantasy no matter how it’s constructed: There simply are too many middle class tax breaks on the table to avoid skewing the burden against the average American.

“Even if tax expenditures are eliminated in a way designed to make the resulting tax system as progressive as possible, there would still be a shift in the tax burden of roughly $86 billion from those making over $200,000 to those making less than that amount,” the report reads.

That $86 billion should lend quite the boost to the luxury goods market: “Americans making over $1 million would see an increase in after-tax income of 4.1 percent (an $87,000 tax cut), those making between $500,000 and $1 million would see an increase of 3.2 percent (a $17,000 tax cut), and those making between $200,000 and $500,000 would see an increase of 0.8 percent (a $1,800 tax cut).”

As for the other 95% of Americans? Not so much. The average tax increase needed to pay for the elite’s gains would be $500 per household.

President Obama, who is speaking in Ohio on Wednesday, is planning to seize on the study.

“He’s not asking you to contribute more to pay down the deficit, or to invest in our kids’ education,” Obama is expected to say, according to prepared remarks released by the campaign. “He’s asking you to pay more so that people like him can get a tax cut.”

cincybearcat

Holy shit!!!! 95% of Americans pay less than 20% taxes?????

mikepegg44

Jeanwah wrote:

http://2012.talkingpointsmemo.com/2012/08/study-romney-plan-would-raise-taxes-on-95-of-americans.php

Mitt Romney’s tax plan would be a boon for the wealthy, but a tax hike for 95% of Americans, according to a new nonpartisan study.

The report, by researchers from both the Brookings Institution and Tax Policy Center, examined Romney’s suggestion of an across-the-board 20% income tax cut financed by closing existing loopholes and concluded there was no way to make the numbers work without burdening the vast majority of Americans with higher taxes.

Romney has not said which tax breaks he would end to finance his plan, but he has suggested that he would only look to breaks that benefit the wealthy. The report concluded that notion is a fantasy no matter how it’s constructed: There simply are too many middle class tax breaks on the table to avoid skewing the burden against the average American.

“Even if tax expenditures are eliminated in a way designed to make the resulting tax system as progressive as possible, there would still be a shift in the tax burden of roughly $86 billion from those making over $200,000 to those making less than that amount,” the report reads.

That $86 billion should lend quite the boost to the luxury goods market: “Americans making over $1 million would see an increase in after-tax income of 4.1 percent (an $87,000 tax cut), those making between $500,000 and $1 million would see an increase of 3.2 percent (a $17,000 tax cut), and those making between $200,000 and $500,000 would see an increase of 0.8 percent (a $1,800 tax cut).”

As for the other 95% of Americans? Not so much. The average tax increase needed to pay for the elite’s gains would be $500 per household.

President Obama, who is speaking in Ohio on Wednesday, is planning to seize on the study.

“He’s not asking you to contribute more to pay down the deficit, or to invest in our kids’ education,” Obama is expected to say, according to prepared remarks released by the campaign. “He’s asking you to pay more so that people like him can get a tax cut.”

I am sure there is something I am missing, but it seems like Romney's plan is attempting to do what Reagan did in the early 80s with income tax rate reduction with a corresponding loophole closure? does that sound right to people?

Let's not say it would be a tax hike for 95% of Americans either. That is disingenuous at best. it isn't like 100% of Americans pay income taxes. The number is much smaller than that. So does this raise tax burdens on the poor, it appears so, but that is in a revenue neutral tax cut assumption. If you are going to cut taxes you better be prepared to cut spending by an equal value. Which would mean no need for tax expenditure elimination for anyone, much less for everyone. Unfortunately we all know how well they cut spending (you know, by saying they promise to slow increases in current spending over the next 10 years.) Romney isn't prepared to do that, he is not a good candidate for the deficit in my opinion.

FrankieG

I will like to predict the end of the world if Romney gets elected. You heard it here first!

know1

Jeanwah wrote:

http://2012.talkingpointsmemo.com/2012/08/study-romney-plan-would-raise-taxes-on-95-of-americans.php

Mitt Romney’s tax plan would be a boon for the wealthy, but a tax hike for 95% of Americans, according to a new nonpartisan study.

The report, by researchers from both the Brookings Institution and Tax Policy Center, examined Romney’s suggestion of an across-the-board 20% income tax cut financed by closing existing loopholes and concluded there was no way to make the numbers work without burdening the vast majority of Americans with higher taxes.

Romney has not said which tax breaks he would end to finance his plan, but he has suggested that he would only look to breaks that benefit the wealthy. The report concluded that notion is a fantasy no matter how it’s constructed: There simply are too many middle class tax breaks on the table to avoid skewing the burden against the average American.

“Even if tax expenditures are eliminated in a way designed to make the resulting tax system as progressive as possible, there would still be a shift in the tax burden of roughly $86 billion from those making over $200,000 to those making less than that amount,” the report reads.

That $86 billion should lend quite the boost to the luxury goods market: “Americans making over $1 million would see an increase in after-tax income of 4.1 percent (an $87,000 tax cut), those making between $500,000 and $1 million would see an increase of 3.2 percent (a $17,000 tax cut), and those making between $200,000 and $500,000 would see an increase of 0.8 percent (a $1,800 tax cut).”

As for the other 95% of Americans? Not so much. The average tax increase needed to pay for the elite’s gains would be $500 per household.

President Obama, who is speaking in Ohio on Wednesday, is planning to seize on the study.

“He’s not asking you to contribute more to pay down the deficit, or to invest in our kids’ education,” Obama is expected to say, according to prepared remarks released by the campaign. “He’s asking you to pay more so that people like him can get a tax cut.”

This is hilarious. You hear people all the time saying the rich have too many tax loopholes and now that someone actually talks about closing them, some research companies conclude that the middle class uses them too.

usamamasan1

cincybearcat wrote:

Holy shit!!!! 95% of Americans pay less than 20% taxes?????

half pay NO INCOME TAXES and 35% on some form of welfare.

Get to work America, at least those who can contribute and not suck us dry.

Woot

Go Beavers

usamamasan1 wrote:

cincybearcat wrote:

Holy shit!!!! 95% of Americans pay less than 20% taxes?????

half pay NO INCOME TAXES and 35% on some form of welfare.

Get to work America, at least those who can contribute and not suck us dry.

Woot

I guess you're saying Obama has created enough jobs for all those people to 'get to work'?

usamamasan1

guess again, he has his foot on the throat of the private sector. You see how much cash is on the sidelines waiting to play again? How long ago was it you were talking about how the unemployment rate was improving?

Romney will usher in the NEXT AMERICAN CENTURY


WOOT

Go Beavers

usamamasan1 wrote:

guess again, he has his foot on the throat of the private sector. You see how much cash is on the sidelines waiting to play again? How long ago was it you were talking about how the unemployment rate was improving?

Romney will usher in the NEXT AMERICAN CENTURY


WOOT

So there are no jobs? I'm confused because you just called on a large group of people to get to work.

usamamasan1

I see openings. Maybe they should get some marketable skills?

adapt.

Obama administration has been marketing the Supplemental Nutrition Assistance Program in recent television ads. The ads attempt to glamorize food stamps and encourage people to apply for assistance.

In addition, states are paid “bonuses” for getting new people enrolled in the food stamp program.

This is creating the wrong mindset.

oh SNAP

Go Beavers

usamamasan1 wrote:

I see openings. Maybe they should get some marketable skills?

adapt.

Obama administration has been marketing the Supplemental Nutrition Assistance Program in recent television ads. The ads attempt to glamorize food stamps and encourage people to apply for assistance.

In addition, states are paid “bonuses” for getting new people enrolled in the food stamp program.

This is creating the wrong mindset.

oh SNAP

So Obama has created job 'openings'. Your first shout out to Barack!

Byrnzie

FrankieG wrote:

I will like to predict the end of the world if Romney gets elected. You heard it here first!

I think the smart money's with you on that one.

Byrnzie

Go Beavers wrote:

usamamasan1 wrote:

I see openings. Maybe they should get some marketable skills?

adapt.

Obama administration has been marketing the Supplemental Nutrition Assistance Program in recent television ads. The ads attempt to glamorize food stamps and encourage people to apply for assistance.

In addition, states are paid “bonuses” for getting new people enrolled in the food stamp program.

This is creating the wrong mindset.

oh SNAP

So Obama has created job 'openings'. Your first shout out to Barack!

Every attempt by Obama to fix the economy and create jobs has been blocked by the Republicans. The Republicans then criticize Obama for not boosting the economy and creating jobs, whilst hoping that nobody remembers how they blocked every attempt by Obama to boost the economy and create jobs.

Republicans have nothing but contempt for the average American.

gimmesometruth27

Byrnzie wrote:

Go Beavers wrote:

usamamasan1 wrote:

I see openings. Maybe they should get some marketable skills?

adapt.

Obama administration has been marketing the Supplemental Nutrition Assistance Program in recent television ads. The ads attempt to glamorize food stamps and encourage people to apply for assistance.

In addition, states are paid “bonuses” for getting new people enrolled in the food stamp program.

This is creating the wrong mindset.

oh SNAP

So Obama has created job 'openings'. Your first shout out to Barack!

Every attempt by Obama to fix the economy and create jobs has been blocked by the Republicans. The Republicans then criticize Obama for not boosting the economy and creating jobs, whilst hoping that nobody remembers how they blocked every attempt by Obama to boost the economy and create jobs.

Republicans have nothing but contempt for the average American.

exactly!


party over country. and that strategy is going to take the gop over the cliff.

Jeanwah

gimmesometruth27 wrote:

Byrnzie wrote:

Every attempt by Obama to fix the economy and create jobs has been blocked by the Republicans. The Republicans then criticize Obama for not boosting the economy and creating jobs, whilst hoping that nobody remembers how they blocked every attempt by Obama to boost the economy and create jobs.

Republicans have nothing but contempt for the average American.

exactly!


party over country. and that strategy is going to take the gop over the cliff.

That strategy will take the whole country over the cliff, not just the party.

gimmesometruth27

wake up america. the republicans voted to allow the middle class and lower class tax breaks expire if those on the rich "job creators" :roll: are allowed to expire.

they are holding your tax cuts hostage.

they favor the rich over everyone else, and this vote proves it.

and before anyone attacks me about jobs, where the fuck are the jobs they were supposed to create with the last 9 years of bush cuts??

Jason P

gimmesometruth27 wrote:

wake up america. the republicans voted to allow the middle class and lower class tax breaks expire if those on the rich "job creators" :roll: are allowed to expire.

they are holding your tax cuts hostage.

they favor the rich over everyone else, and this vote proves it.

and before anyone attacks me about jobs, where the fuck are the jobs they were supposed to create with the last 9 years of bush cuts??

Actually, they are in favor of extending the tax cuts to everyone. The Democrat strategy is using the middle and lower class as pawns in a game of class warfare so they can gain votes.

It's all about perspective.

Once again, has any presidential candidate ever used raising taxes as their battle cry in the history of American politics?

gimmesometruth27

Jason P wrote:

gimmesometruth27 wrote:

wake up america. the republicans voted to allow the middle class and lower class tax breaks expire if those on the rich "job creators" :roll: are allowed to expire.

they are holding your tax cuts hostage.

they favor the rich over everyone else, and this vote proves it.

and before anyone attacks me about jobs, where the fuck are the jobs they were supposed to create with the last 9 years of bush cuts??

Actually, they are in favor of extending the tax cuts to everyone. The Democrat strategy is using the middle and lower class as pawns in a game of class warfare so they can gain votes.

It's all about perspective.

Once again, has any presidential candidate ever used raising taxes as their battle cry in the history of American politics?

where are the jobs that were supposed to have been created in the last 9 years with these tax cuts???

Jason P

gimmesometruth27 wrote:

where are the jobs that were supposed to have been created in the last 9 years with these tax cuts???

where are the jobs? where are the budget reductions? who knows. the only thing i know is that the whole lot is corrupt and i don't want anyone to have to give these free spending idiots a life preserver until they shape up.

I don't know if keeping the tax rate at the current state will create jobs. I do know that raising it won't help in any way whatsoever.

gimmesometruth27

Jason P wrote:

gimmesometruth27 wrote:

where are the jobs that were supposed to have been created in the last 9 years with these tax cuts???

where are the jobs? where are the budget reductions? who knows. the only thing i know is that the whole lot is corrupt and i don't want anyone to have to give these free spending idiots a life preserver until they shape up.

I don't know if keeping the tax rate at the current state will create jobs. I do know that raising it won't help in any way whatsoever.

the "job creators" have not created jobs. that was what they were supposed to do with these cuts and they didn't do it. if they did, where the hell are they???

it will help reduce deficits.

and there are mandatory budget cuts that are going to take effect across the board due to the failure of the bipartisan supercommittee... do not forget that.

cincybearcat

gimmesometruth27 wrote:

where are the jobs that were supposed to have been created in the last 9 years with these tax cuts???

Where are the jobs from the economic stimulus that they need to raise taxes to do another round???