Romney's Tax Plan Cuts Rates For Millionaires Twice As Much As For Everyone Else

January 05, 2012 5:09 pm ET — Jamison Foser

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.

Like Newt Gingrich's plan, Romney's proposal further rigs the system in favor of the wealthiest Americans and amounts to a massive redistribution of wealth to millionaires and billionaires.