Tuesday, January 10, 2012

The Mitty Rich Tax plan

We have been looking for this for a while: the Mitty Rich tax plan. It's on Mitt's web site.

The Tax Policy Center broke his tax plan down. 

Mitt Romney has proposed permanently extending the Bush 2001-03 tax cuts, eliminating taxation of investment income of most individual taxpayers (capital gains) , reducing the corporate income tax, eliminating the estate tax, and repealing the taxes enacted in 2010’s health reform legislation. The latter increased taxes on the wealthy. 

This is clearly class warfare and it gets worse. 

The class warfare tax tables
  1. On average, households making less than $20,000 would see their taxes increase by more than 60 per cent. 
  2. Households making between $50,000 and $75,000 would get small tax cuts, averaging 2.2 percent, or about $250,
  3. People making more than $1 million would get tax cuts averaging 15 percent, or about $146,000.
  4. Romney would also repeal tax increases on the wealthy that were part of President Barack Obama's health care package.
The Mitty Rich tax plan would reduce federal revenues by 16 per cent which would increase the deficit and the national debt. 

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