Wednesday, August 01, 2012

Romney's Tax Plan Provides Big Tax Cuts for Wealthy

Romney's tax plan favors the rich because he believes that the wealthy work harder for their money than the rest of us, and he believes they take bigger risks than the rest of us. It's basic republican trickle down philosophy: Give more breaks to the top earners because they are superior, and they will create wealth for everyone else.
Mitt Romney’s tax plan would provide large tax cuts to wealthy Americans and hike taxes on middle- and low-income households, according to an analysis by The Brookings Institution.

The report published Wednesday estimated households with incomes over $1 million would receive average tax cuts of $87,117 under Romney’s plan, while those earning $200,000 or less would pay higher taxes.

Brookings analysts concluded Romney’s plan favors high earners “even when we bias our assumptions about which and whose tax expenditures are reduced to make the resulting tax system as progressive as possible.” Read more of the Brookings analysis
Read the actual Brookings report here.