Romney tax proposal analyzed

[R-14Driver]

WASHINGTON - 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 released 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.

They even look at what would happen if Republicans' dreams for tax reform came true and the proposal generated significant revenue through economic growth.

None of it helped Romney.

His rate-cutting plan for individuals would reduce tax collections by about $360 billion in 2015, the study says.

To avoid increasing deficits - as Romney has pledged - the plan would have to generate an equivalent amount of revenue by slashing tax breaks for mortgage interest, employer-provided health care, education, medical expenses, state and local taxes, and child care - all breaks that benefit the middle class......................

Romney tax proposal analyzed

[Stoney]

Time to cut spending!

[Magoo]

We seem to be heading for a very long bout of tough mean times if Republicans get their way.

[Starkravinloon]

We seem to be heading for a very long bout of tough mean times if Republicans get their way.

But not if we stay on course with Barry...............Priceless...

[jimmy g]

Dems have been boasting all day that the CURRENT Repub House plan would CUT Taxes for the Rich, and then RAISE Taxes for the rest.

barry is bragging that he will CUT Taxes for us- RAISE them on the Rich.

Not True. They have passed a bill to hold the line to the exact same rate everyone's has been for the past 12 years!!!!! No Cuts, No Raises.....get the Senate moving!

[Magoo]

Dems have been boasting all day that the CURRENT Repub House plan would CUT Taxes for the Rich, and then RAISE Taxes for the rest.

barry is bragging that he will CUT Taxes for us- RAISE them on the Rich.

Not True. They have passed a bill to hold the line to the exact same rate everyone's has been for the past 12 years!!!!! No Cuts, No Raises.....get the Senate moving!

The rates need to go up if you noticed the deficit and I know you have.
The longer you stall it off the higher it will be.

[jimmy g]

The rates need to go up if you noticed the deficit and I know you have.
The longer you stall it off the higher it will be.

perhaps you haven't noticed my stand on Federal Spending? Stop all except Defense until the Debt is paid off. Same as when I overspent, and my Credit was ended until I fixed things!!!!! Roads and Bridges can operate as tolls to stay open.

[Ruffian 72]

Let's see. 4 years ago a toll road was paid off and future operation costs put in escrow per original agreement to get passage. Came time to take down the toll booths, yet state has overspent on public parasite programs. Gov. Graves (RINO), and later Gov Sebelius (Yes, the child rapist protector), stole the state workers retirement funds (works like a super 401k in Kansas) to fund parasite programs. So one of Sebelius's last acts before going to Washington was to get her Rino's and leftist dems to pass legislation to make toll road perminent. So anyone who believes giving more money to ANY government must be a public parasite, or a corrupt crony.

[cmsdock]

The rates need to go up if you noticed the deficit and I know you have.
The longer you stall it off the higher it will be.

And Obama wont stop spending. Ever think he is the problem?

[Magoo]

And Obama wont stop spending. Ever think he is the problem?

Never thought that no