Romney’s tax plan favors the rich?!? Go figure.

Posted on January 5, 2012

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According to an independent study by the non-partisan Tax Policy Center research group, Republican Mitt Romney’s tax plan would increase taxes on low-income families while cutting taxes for the rich.

On average, households making less than $20,000 would see their taxes increase by more than 60 percent, said the Tax Policy Center, a Washington research group that studied the Romney plan.

Households making between $50,000 and $75,000 would get small tax cuts, averaging 2.2 percent, or about $250, the study said. People making more than $1 million would get tax cuts averaging 15 percent, or about $146,000.

I know … it’s shocking, isn’t it?  A rich, corporate-connected say-whatever-to-whomever politician who SAYS he’s all about supporting the “little people,” but out of his other face ACTS to protect and benefit himself and everyone BUT the low-to-middle income Americans.  What are the odds of that?  About one-in-five, thanks to Iowa.

Overall, Romney’s plan would reduce tax revenues by $180 billion in 2015, adding to the federal budget deficit, the study said. Romney’s campaign disputes the estimate, saying tax cuts in the plan would help improve the economy, leading to more revenue. So it’s literally a case of Romney saying, “Who are you going to believe:  Me?  Or those highly qualified research experts who have nothing whatsoever to gain by lying to you?

Romney says he will push for “a fundamental redesign of our system.” But in Romney-ese, “redesign” means “keep everything exactly as it is, make it permanent, and add in a whole new crop of tax cuts, rate reductions and incentives for corporations. Oh, and let’s reduce taxes on investments that most lower-and-middle income people don’t have, while we’re at it.

Romney’s plan would cut the top corporate tax rate form 35 percent to 25 percent and make permanent a massive package of tax cuts first enacted under President George W. Bush. Romney would also repeal tax increases on the wealthy that were enacted as part of President Barack Obama’s health care package.

The Obama tax cuts, first enacted as part of the massive economic stimulus package passed in 2009, targeted low-income families with children, including many people who don’t make enough money to pay any federal income taxes. They included an expanded tax credit for college students, a more generous Earned Income Tax Credit for families with three or more children, and a more generous child tax credit for low-income families.

Romney says he will let those tax cuts expire, which would directly result in people who are affected by those tax cuts paying higher taxes. But, again, ever-the-flip-flopping politician, Romney says that would not be a tax increase. “Taxes going up as a result of a measure that I let expire is not the same as me raising taxes.”

What amazes me is that he can look people in the eye and say that with a straight face. It’s the same as saying “The person shooting you didn’t hurt you, the bullet did.”

I get the feeling that in Romney’s corporate accounting ledgers, there are fields with titles such as “Inverted Funds Availability” and “Non-Positive Growth Index.”

It’s painfully simple, folks:  Tax reductions EQUAL revenue reductions. Revenue reductions EQUALS deficit increases. There’s no way to argue or bullsh*t your way around those two very basic, non-fuzzy mathematical facts.  The massive corporate tax cuts implemented by the Bush/Cheney administration DID NOT CREATE JOBS. In fact, let’s take General Electric as a prime example: In 2010, GE paid ABSOLUTELY NOTHING in taxes and they *STILL* laid off more than 3,000 people. And those were *people* people, not the “corporations are people too” kind that Romney loves so much.

What troubles me is that there are actually people in this country (about 25 percent of Republicans, all day every day), who hear this bloated gibberish and blatant corporate glad-handing and think it makes sense. I’m inclined to think these people need to be told that if they stop hitting themselves in the head with a hammer, their headaches will go away.

One thing you can’t argue with, though: Republican economic plans *do* create jobs … 26.9 million of them in Communist China, last time we checked.

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