Romney’s tax plan to significantly increase taxes

Voodoo economics have been a hallmark of GOP politics since the Reagan years. Much like Mitt Romney’s MIA tax documents, his proposed tax plan is murky and he’s been unwilling to provide many details. Studies are now showing that the Romney plan is likely to hit typical Republican voters hard.

The rich will of course get their massive tax cuts but the upper middle class will lose deductions and pay considerably more than before. LA Times:

Mitt Romney’s budget plan would significantly raise income taxes for many families making between $100,000 and $200,000, analyses by leading Republican economists cited by the Romney campaign show.

The Republican analyses were designed to rebut the Democratic charge that Romney’s plan would “increase taxes for the middle class.” The studies conclude that the plan could work as Romney has said, but that doing so would require eliminating all or most deductions and credits for households with income over $100,000. That would include wiping out such popular tax provisions as the deductions for mortgage interest, charitable contributions and state and local taxes.

Campaign debate so far has largely focused on the 2% of taxpayers with the highest incomes — whose taxes President Obama wants to increase — and those with earnings in the middle range of U.S. incomes. Much less attention has focused on the large number of families whose incomes are twice the national median or higher but whom Romney has defined as part of the middle class.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

Share This Post

© 2018 AMERICAblog Media, LLC. All rights reserved. · Entries RSS