Posted on 08/02/2012 9:10:26 AM PDT by Wise Hectare
Republican U.S. presidential challenger Mitt Romney's proposal to slash income taxes by 20 percent across the board would boost income for the wealthiest taxpayers while reducing it for the middle class, according to a nonpartisan analysis released on Wednesday.
The report by the centrist Tax Policy Center found that Romney's tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000....
The Tax Policy Center, a joint venture between the Brookings Institution and the Urban Institute, is led by Donald Marron, a former economic official in the administration of Republican President George W. Bush.
Another of the study's authors, William Gale, was an economic adviser to Republican President George H.W. Bush....
About two-thirds of the $1.1 trillion in revenues that the government foregoes annually because of tax breaks would have to be curbed to fund Romney's tax cut, the analysts said.
These tax breaks include popular ones such as the mortgage interest deduction, the break for employer-provided health insurance, and credits for low- and middle-income families.
The analysis assumed elimination of tax breaks would start with the wealthy, as Romney has suggested, and that some revenue growth would come from lowering tax rates.
The revenue-boosting promise of lowering taxes, especially for the wealthy, is a hallmark of Republican tax policy, though "trickle-down" economics is disputed by many economists....
(Excerpt) Read more at in.reuters.com ...
Definition of NIDDLE
chiefly Scot
intransitive verb
: to move quickly
Gee, a non-partisan study based on a joint venture between the left-leaning Brookings Institution and the far left Urban Institute. Who could possibly disagree with those conclusions?
News flash: tax cuts help anybody who pays taxes. Those who don't, not so much unless you want to count the tiny tens of millions who get employed by those who do pay taxes.
Niddle class people generally go through life niddling a little of this and a little of that. It is remakable how much one can truly niddle if one puts one’s mind to it.
Ah, niddle mind.
Thank you RWI. LOL. Mrs. jimfree is also a member of the upper needle class. You both have my admiration.
Their studies will show whatever you want.
Just bring lots of cash.
Follow the money trail.
Welcome to Free Republic!
How could cutting a person’s taxes by 20% leave them worse off????
Next, won’t a business with a 20% cut employ some of those people?
Get with the program or it will be off to the gulag for you! < / sarcasm >
“Republican U.S. presidential challenger Mitt Romney’s proposal to slash income taxes by 20 percent across the board would boost income for the wealthiest taxpayers while reducing it for the middle class, according to a nonpartisan analysis released on Wednesday.”
That is what the story says. but it makes no sense.
In fact, it is not the tax cuts that reduce after-tax income of the middle class, but the ending of certain deductions, according to the study. Ending deductions is a form of raising taxes. So, it is raising taxes, not lowering them, that reduces after-tax income.
Simple. The MSM calls them "centrist".
From Wikipedia:
The Tax Policy Center (TPC) is a partisan joint venture of the Urban Institute and the Brookings Institution.Both of which, of course, describe themselves as "non-partisan". Right.
MRC's Worst of the Week: Obama's Liberal Buddies = 'Non-Partisan' Experts?
Have the tax cuts that are currently in place produced many jobs?
Agreed, and Romney has not called for eliminating those deductions for the middle class. The study authors assumed they must be eliminated.
AMEN!!!
This paper examines the tradeoffs among three competing goals that are inherent in a revenueneutral income tax reform—maintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax rates. As a motivating example, we estimate the degree to which individual income tax expenditures would have to be limited to achieve revenue neutrality under the individual income tax rates and other features advanced in presidential candidate Mitt Romney’s tax plan, and how the required reductions in tax breaks could change the distribution of the tax burden across households. (We do not score Governor Romney’s plan directly, as certain components of his plan are not specified in sufficient detail, nor do we make assumptions regarding what those components might be.)
Look at that last line. They do NOT score Romney's plan directly because certain components are not specified in sufficient detail. Check out page 3 of the report where they discuss their modeling assumptions, in other words the number of assumptions they had to use in order to reach their conclusions. Not scoring the plan directly plus modeling assumptions, and THIS is their a-HA moment? Really?
I agree with every word you posted!
The niddle class always takes it on the chin.
Poor, poor niddle class.
When you tax the Niddle Class, only outlaws will take a class in Niddling
or, something like that
Simple: Have a bunch of biased clymers make outlandish assumptions and publish them as fact. To wit:
See? A textbook example of how members of Obama's state-run media do his bidding.Romney, former governor of Massachusetts and a multi-millionaire who made a fortune at private equity firm Bain Capital, has not spelled out how he would lower tax rates. He has said broadly he would cut some tax benefits for the wealthy.
Because the value of the 20-percent tax cut for richer Americans would exceed the gains they get from popular tax breaks that Romney might chop, they would see the greatest income gain from Romney's possible changes, the study said.
"We add up how much people get from the tax cuts and then add up how much can potentially be raised," from ending tax breaks, said Looney, an economist and study co-author.
When asked how I’m doing, I generally reply, “fair to niddlin’.”
You are right I DID MISS THE FREE LOADERS IN THE WHITE HOUSE... B.O.and Big Butt..
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