Mitt Gets Worse
Aug 1, 2012 | By ThinkProgress War Room
Mitt Romney’s Plan for a $2,000 Middle Class Tax Hike
As we reported yesterday, we already know that Mitt Romney has an economic plan to enrich the wealthy at the expense of everyone else. Well, a new non-partisan, independent analysis of Romney’s tax plan released today by the Tax Policy Center shows just how far Romney would go to help the wealthy at the expense of the middle class.
Here’s the rundown.
Much Higher Taxes on the Middle Class
Romney’s plan raises taxes on the bottom 95 percent of Americans.
The average middle class family with children will see a tax increase of more than $2,000.
Among everyone making less than $200,000, the tax increase averages out to more than $500 per person.
Much Lower Taxes on the Wealthiest Americans
Romney’s plan includes a large tax cut for the only the wealthiest 5 percent of Americans.
A new $247,000 tax cut for the wealthiest 0.1 percent on top of the Bush tax cuts.
A new $87,000 tax cut for every millionaire on top of the Bush tax cuts.
How It Could Be Even Worse for the Middle Class
The authors of the study bent over backwards to make the analysis as favorable as possible for Romney’s plan. For example, the analysis assumes that almost every deduction — think mortgage interest, employer-provided health care, and charitable contributions — would be completely eliminated for people making over $200,000 a year. Nobody have ever proposed that and, as a practical matter, it’s almost impossible to imagine Congress passing such a plan. Since Romney has promised to make his plan revenue-neutral, every dollar in deductions kept by the wealthy means another dollar in increased taxes for the middle class.
In short, Romney’s plan is likely to be much, much more favorable to the wealthy and demand much, much more of the middle class than even this analysis finds.$2,000 should be thought of as the floor for middle class tax increases under the Romney plan, not the ceiling.
Romney Struggles to Respond
In typical fashion,“The Romney campaign on Wednesday declined to address the specifics of the analysis,” reported the Washington Post. In other words, the analysis is correct so they couldn’t really argue with it.