Here's Willard on Fixed News last November:
"See? I'm not proposing any tax cuts for myself and my rich friends."
Now here's a chart showing the impact of Willard's new tax proposals:
And here is an analysis from the Urban Institute and Brookings Institution:
At the same time, he’d end President Obama’s 2009 stimulus tax reductions, including Obama’s more generous versions of the child tax credit and earned income credit—both aimed at helping low-income working families. He’d also repeal the tax increases included in the 2010 health reform law.
But Romney doesn’t stop there. He’d make capital gains, dividends, and interest income tax-free for those making less than $200,000 and repeal the estate tax (though he’d retain the gift tax).
He’d cut the corporate rate from 35 percent to 25 percent, make the research and experimentation tax credit permanent, and temporarily allow firms to continue to write-off the full cost of capital investment as soon as they acquire the property. Multinationals would get a temporary tax holiday for overseas profits they bring back to the U.S.
Compared to current law, about 44 percent of those making between $10,000 and $20,000 would get a tax cut that would average about $274. No one in that income group would pay more, but more than half would see no change in their tax bill.
Nearly all middle-income households would get a tax reduction. Among those making $50,000 to $75,000, the average tax cut would be about $1,800.
But much of the largess goes to those with the highest-incomes. Households making more than $1 million would get an average tax cut of almost $300,000, largely because, as owners of capital, they’d receive the bulk of the benefit of Romney’s very generous corporate tax reductions. While those making $1 million-plus pay about 20 percent of all federal taxes, they’d receive more than 28 percent of Romney’s tax cuts.
The story is a bit different if you start by assuming the Bush/Obama tax cuts are made permanent.
Compared to that already-generous law, the average tax cut for all households shrinks from $3,500 to about $1,000 and a sizable number of low-income families would see their taxes go up.
For instance, about 15 percent of those in the $10,000 to $20,000 income group would get an average tax cut of about $140, but 20 percent would get hit with an average tax increase of $1,000, mostly because Romney would bring back the less generous versions of those refundable child and earned income credits.
Did you see what Willard is proposing?? He's going to SCREW poor people by reducing tax code provisions that benefit them, while he proposes to dump money on himself and his rich friends. The kicker?
So Willard's not going to cut taxes on himself and his rich friends? That's not just a lie. That's not just a damned lie.
That's a ROMNEY LIE.
Excellent site. Thank you for this. Saw the link you left on Steve Benen's blog.ReplyDelete
wwjjd, thank you so much! Spread the word about Romney the Liar!ReplyDelete
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