Wednesday, February 29, 2012

Beware of the Romney Tax Plan

Willard Mitt Romney is promising major tax cuts across the board, if he is elected President.  Think about it.  Isn't that how we have a deficit today----because of the Bush tax cuts?

Here are a few opinions on the Romney tax plan:


Republican presidential candidate Mitt Romney’s tax proposal would add $600 billion to the U.S. budget deficit in 2015, according to a study released today by the nonpartisan Tax Policy Center in Washington....

....The Tax Policy Center’s study doesn’t take into account a $1.2 trillion reduction in spending scheduled to take effect in 2013. Those savings won’t prevent Romney’s proposal from increasing the deficit, Williams said. He said the $600 billion revenue reduction under Romney’s proposal would happen in 2015 while the $1.2 trillion spending cut will be spread out over a decade.

“This goes in the wrong direction,” Williams said. “It still worsens the deficit situation.”

Those Republicans who complain about the deficit probably haven't taken a good look at Romney's tax plan.

Here is another view.

(Romney)....would also raise taxes on poor families with children at home and those going to college. Romney does this by reducing benefits from the child tax credit and the earned income tax credit and by ending the American Opportunity tax credit for college education.

Without these tax breaks, the poorest fifth of taxpayers would pay $157 more in taxes in 2015 than under current policy, the Tax Policy Center says in its analysis of Romney’s plan. The second poorest group would pay $82 more, according to the center, whose past work has been praised by Republicans and Democrats alike.

While Romney would make these two groups — the poorest 125 million Americans — pay higher taxes, the top 60 percent all would get tax cuts. The top tenth of one percent would save, on average, $464,000 a year, the Tax Policy Center’s analysis says....

Romney's plan helps the top 1% ----those that are like himself. As Romney said, "I'm not concerned about the very poor...." His tax plan proves it.