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Willard's Tax Plan Will Raise Taxes on 95% of Americans

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Sal

Sal
Game over.

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.

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

Guest


Guest
Fortunately it's not anything but a proposal 10,000 miles from what its final form would be - if he were to be elected. Remember it would still have to go through all the miscreants in the Congress and Senate. Those misbehaving children are not likely to agree on anything anyway.

Guest


Guest
I'm surprised it isn't 99%..

Floridatexan

Floridatexan
nochain wrote:Fortunately it's not anything but a proposal 10,000 miles from what its final form would be - if he were to be elected. Remember it would still have to go through all the miscreants in the Congress and Senate. Those misbehaving children are not likely to agree on anything anyway.

It's still his proposed budget, a huge part of his platform. It's typical Republican...a giveaway to the "job creators"...job creators, my.....!

Guest


Guest
Floridatexan wrote:
nochain wrote:Fortunately it's not anything but a proposal 10,000 miles from what its final form would be - if he were to be elected. Remember it would still have to go through all the miscreants in the Congress and Senate. Those misbehaving children are not likely to agree on anything anyway.

It's still his proposed budget, a huge part of his platform. It's typical Republican...a giveaway to the "job creators"...job creators, my.....!

And how is that Obama budget working??? Oh that's right, Obama has never been made to have a budget. FREE PASS AGAIN. But then ULWN's criticize another budget that is not even a reality.

Floridatexan

Floridatexan
nochain wrote:
Floridatexan wrote:
nochain wrote:Fortunately it's not anything but a proposal 10,000 miles from what its final form would be - if he were to be elected. Remember it would still have to go through all the miscreants in the Congress and Senate. Those misbehaving children are not likely to agree on anything anyway.

It's still his proposed budget, a huge part of his platform. It's typical Republican...a giveaway to the "job creators"...job creators, my.....!

And how is that Obama budget working??? Oh that's right, Obama has never been made to have a budget. FREE PASS AGAIN. But then ULWN's criticize another budget that is not even a reality.

I suggest you review the "budget" of the last Republican in the White House; then you can talk about Obama's record.

This chart is from 2004. He was just "warming up" for the meltdown:

http://scmidnightflyer.com/jrfacts.html

Guest


Guest
[quote="Floridatexan"][quote="nochain"][quote="Floridatexan"]
nochain wrote:Fortunately it's not anything but a proposal 10,000 miles from what its final formte]

I suggest you review the "budget" of the last Republican in the White House; then you can talk about Obama's record.

This chart is from 2004. He was just "warming up" for the meltdown:

http://scmidnightflyer.com/jrfacts.html


What does that have to do with No Budget Obama? Nothing.

Guest


Guest
[quote="nochain"][quote="Floridatexan"][quote="nochain"]
Floridatexan wrote:
nochain wrote:Fortunately it's not anything but a proposal 10,000 miles from what its final formte]

I suggest you review the "budget" of the last Republican in the White House; then you can talk about Obama's record.

This chart is from 2004. He was just "warming up" for the meltdown:

http://scmidnightflyer.com/jrfacts.html


What does that have to do with No Budget Obama? Nothing.

CONFUSED!!!!.....Thought that the COWH and Democrats BLAMED Romney and the Republicans of catering to the 1% and now find out that it's Romney wanting to raise taxes on 95% of Americans...who'd he miss?

Sal

Sal
Newsfan wrote:
CONFUSED!!!!.....Thought that the COWH and Democrats BLAMED Romney and the Republicans of catering to the 1% and now find out that it's Romney wanting to raise taxes on 95% of Americans...who'd he miss?

Confused is right. Sheesh.

NaNook

NaNook
A 5% Vat (sales tax),

so everyone can pay their FAIR SHARE ........finally, and capture part of the underground economy. It's all about the Fair Share. Anyone who pays no income taxes, is a deadbeat, period. They are deadbeats.....they need to improve their lot and contribute to society.

I chose to have 2 two kids, someone else has 5+. It's not my job to support their kids.Sorry......

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