oinonio Occasional Thoughts

“The report, by researchers at the nonpartisan Tax Policy Center, looked at Romney’s call for a 20% income tax cut for everyone, that he says he would finance by ending existing (and as-yet-unnamed) tax deductions. They assumed for their analysis that Romney would try to eliminate tax breaks favoring the rich as much as possible to pay for his plan, before turning to popular middle-class deductions on health care and mortgage payments to make up the remaining gap. But even allowing for that highly generous baseline, the average American family making less than $200,000 would still have to pay $2,000 more of their income in taxes while the richest .1% would see an average net tax cut close to $250,000.”