The middle class will also see their income tax "slashed" by twenty percent.
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 ...
I’m glad I’m not in the Niddle Class.
I, for one, think we need a tax plan that “hurts” the middle and lower classes. The 50% of the people in this country who pay NO NET TAXES. These are the leeches who vote themselves more money at the expense of the productive class. They need to feel some hurt from a tax bite.
Geez, what a load of clumsy propaganda.
Buh bye, nothing but ozone...LOL!
I'm a metal aged person myself. Silver in my hair, gold in my teeth and lead in my a$$.
The Niddle Class is the class of people who spend all day niddling. I hope that satisfies your morbid curiosity. (snicker) This Wise Hectare is a liberal troll who’s been posting nonsense for the last hour. Watch for the zot.
Appears that we’ve turned this into a Groucho Marx routine. LOL
It appears the zot has taken place. I thought I smelled the scent of burned crap when he was zotted.
“Why I’d horse whip you, if I had a horse!”
I shot an elephant in my pajamas. How he got in my pajamas I’ll never know. :-)
The middle class will also see their income tax "slashed" by twenty percent.
“I can see it now. You and the moon. You wear a necktie so I’ll know you!”
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