An independent analysis of Mitt Romney’s tax plan was just released, and even though it was generous toward Romney, I don’t think most people are going to like this:
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 Brookings Institution and the nonpartisan Tax Policy Center, 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.
They even look at what would happen if Republicans’ dreams for tax reform came true and the proposal generated significant revenue through economic growth.
As you can see in this handy chart by Steve Benen, 95 percent of Americans would see their taxes go up, while the rest of the heroic job-creators get a giant hunk of money to invest back into the soon-to-be further deregulated stock market:
But seriously, don’t people like Mitt Romney and Mitch McConnell deserve more money? Certainly more than the dirty rabble like you, I guess.
Meanwhile, the House of Representatives will soon vote against the tax plan that was passed by the Senate, which maintains the current tax rate for everyone making less than $250,000, but raises it for everyone else back to the Clinton-era rate — the era we all remember as the second Great Depression, of course.
Even though the failure of this bill means that tax rates will go up for everyone next year, Republicans are just that dedicated to the top 1 percent that they would rather everyone suffer if the rich have to suffer even the slightest bit.
Maybe they’re just holding out for Romney, when they can get the best of both worlds (our money).