Romney Plan Would Raise Taxes On Middle Class To Finance ...

OPS_admin | Aug 23, 2012 | Comments 0

A recent analysis based on the loose outlines of Mitt Romney?s proposed tax plan ? which would disproportionately benefit the wealthy and corporations ? found that to remain revenue neutral, as Romney insists it will, it would have to raise taxes on middle- and lower-class families. The result, the Tax Policy Center concluded, is that middle class families would see a $2,000 tax hike, and that is based on the most generous assumptions, since Romney has yet to provide specific details of the plan.

In its analysis, TPC assumed Romney would pay for the corporate tax cuts by closing loopholes in the corporate tax code, but this week, the Romney campaign said that was not the case. Instead, the campaign told TPC that ?cuts in corporate tax preferences were not meant to finance the initial rate cut to 25 percent but instead would pay for a subsequent revenue-neutral set of proposals that would reduce corporate rates further and enact a territorial system.?

By taking the corporate loopholes off the table, Romney is ensuring that middle class families will see an even larger tax hike than TPC previously assumed, as Center for American Progress Action Fund Director for Fiscal Reform Seth Hanlon noted in a column published today:

The TPC authors confirm that accounting for Romney?s unpaid-for corporate tax cuts would necessitate ?even larger cuts to tax expenditures [i.e. tax breaks], and correspondingly larger increases in taxes on middle- and/or lower-income taxpayers,? than their original study found.

Full Story Here: Romney Plan Would Raise Taxes On Middle Class To Finance Massive Corporate Tax Cut | ThinkProgress.

OPS: Damned generous of the rank-and-file to actually vote to pay for tax cuts for Billionaires

Filed Under: Economy - Labor

Source: http://www.onepennysheet.com/2012/08/romney-plan-would-raise-taxes-on-middle-class-to-finance-massive-corporate-tax-cut/

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