The Washington Post reported on the independent analysis of Governor Romney’s proposed tax plan…
Mitt Romney’s plan to overhaul the tax code would produce cuts for the richest 5 percent of Americans — and bigger bills for everybody else, according to an independent analysis set for release Wednesday.
The study was conducted by researchers at the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute, who seem to bend over backward to be fair to the Republican presidential candidate. To cover the cost of his plan — which would reduce tax rates by 20 percent, repeal the estate tax and eliminate taxes on investment income for middle-class taxpayers — the researchers assume that Romney would go after breaks for the richest taxpayers first.
The awesome Steve Benen at The Maddow Blog put together this lovely chart, as only he can do. It gives us a nice visual of who benefits from Romney’s plan and who pays for the new yachts and summer homes for the rich.
The chart breaks down the tax burdens starting at the bottom 20% of wage earners and ends with the 99 – 99.9 group. He left off the top .1% because it would be “off the charts”, so to speak. You may notice that everyone pays more in taxes right up until you get to the top 5% of the population. According to the analysis, those who make $3 million dollars a year would get a TAX CUT of $250,000.
The President didn’t waste any time in letting people know how he feels about Governor Romney’s plan.
We tried that whole giving massive tax breaks to the rich during the Bush administration, it helped bring us to the brink of a depression. Let’s not go there again, please!
Cross-posted at Angry Black Lady Chronicles