Romney's Tax Plan Cuts Rates For Millionaires Twice As Much As For Everyone Else
Back in November, apparently rattled by public discontent over a tax and economic system rigged in favor of wealthy elites, quarter-billionaire Mitt Romney claimed, "I'm proposing no tax cuts for the rich." It was an absurd lie, though it — like many of Romney's lies — got little attention. In fact, Romney's tax policy is great for rich people like Mitt Romney. Now a new analysis reveals just how false that claim was.
According to the Tax Policy Center, compared to current law, taxpayers with annual income of at least $1 million would get an average tax cut of $286,880 under Romney's plan. They'd enjoy a 14.5 percent increase in after-tax income — significantly more than any other income group. Here is a chart showing just how skewed Romney's plan is:
Taxpayers with million-dollar incomes would receive a whopping 28.7 percent of Romney's tax cut, and, as the chart above shows, that isn't just because they pay such a large share of taxes: It's because Romney's plan is rigged in their favor. People earning at least a million dollars a year would see their tax rate go down, on average, by more than 9 points — more than double the average reduction for all taxpayers.
And the result of Mitt Romney's giveaway to rich people like Mitt Romney? $600 billion lower tax revenues in 2015 alone. That means a massive increase in the deficit, drastic cuts to government programs that currently help people who get little from Romney's tax plan, or both.