Romney Plan Would Raise Taxes On 95% Of Americans
Jeanwah
Posts: 6,363
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.”
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.”
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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.
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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.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
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'?
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.
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!
I think the smart money's with you on that one.
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.
party over country. and that strategy is going to take the gop over the cliff.
"Well, you tell him that I don't talk to suckas."
That strategy will take the whole country over the cliff, not just the party.
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??
"Well, you tell him that I don't talk to suckas."
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?
"Well, you tell him that I don't talk to suckas."
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.
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.
"Well, you tell him that I don't talk to suckas."
Where are the jobs from the economic stimulus that they need to raise taxes to do another round???
http://voices.washingtonpost.com/politi ... e_add.html
http://www.factcheck.org/2010/09/did-th ... eate-jobs/
and I thought a major concern was "job-crushing" debt...
adding revenues would address said debt...yes..?
Let's so some math... $814 billion ; 3.3 million jobs...almost $247,000 per job created.
Not to mention, it didn't create an economy where those jobs remained after the stimulus ran out. We'd been better off just giving the $ away!!!!
=
you asked and I answered...
you didn't like answer...so goal posts moved...
I thought the goal of the stimulus was to stimulate the economy and create lasting jobs? NO? Was it always the plan to just spend a shit ton of money on jobs that go away? Damn, how'd I miss that.
yeah, I guess the economy would be better of if those 3.3 millions jobs were moved into the unemployment column....yes...? you are seriously saying we would be better off of those 3.3 million job been lost...yeah, you missed something...
where are getting the "jobs went away" data...?
"Well, you tell him that I don't talk to suckas."
Ahead of Friday's much-anticipated monthly jobs report, Romney trashed Obama for the nation's high unemployment rate and for fostering an environment which he described as hostile to job creators.
"This isn't a statistic we are talking about. Twenty-three million Americans out of work. Twenty-three million!" Romney said during a rally in Golden, Colo., just outside Denver. "It's a tragedy. It's a moral failing."
Citing Obama's 2008 speech at the Democratic National Convention just a few miles from his Thursday rally, Romney said the president had failed "by his own measure" to deliver on the promises he made during the last campaign. To prove it, the GOP candidate held up a "report card" listing what he described as Obama's "failed" promises.
"I want to get people back to work," Romney said. "I care about this. I want to help the American people… His policies just haven't worked to get people working again. People are hurting and suffering."
Dont you know even the prospect of higher taxes and uncertainty in the market creates this mess? Expected return calulations tuff. you're welcome
No shit we need to improve the economy, Mitt. But once again you haven't given us one reason why you can help with this other than extending tax breaks to the rich. We know that plan is horseshit and doesn't work.
Maybe you should tell Romney about all the 'openings' Obama created that you cited earlier.
if you don't believe me you can google it. do you have a defense for that failure to do their duty for the good of the country??
they are trying to sabotage the recovery by keeping the unemployment rate high and stall hoping that obama loses so they can vote in favor of romney's ideas, which will not doubt be the same as obama's, just so that they can take the credit for fixing it, rather than trying to fix it now. it is disgusting.
they will not vote to help create jobs because creating jobs is good for obama, and they can not have anything good for obama happen this close to the election... common sense dictates that...
hoping for the country to fail is what they are doing. so before you go and cheerlead your 7th choice for the nominee, you should maybe look at why things have only slightly improved. and that reason is your people in the house...
"Well, you tell him that I don't talk to suckas."