Study: Romney tax plan would shift burden to poor
August 1st, 2012
11:26 AM ET
2 years ago

Study: Romney tax plan would shift burden to poor

New York (CNNMoney) - Mitt Romney's tax plan would provide large tax cuts to the very wealthy, while increasing the tax burden on the lower and middle classes, according to a study released Wednesday.

The report - produced by researchers at the Urban-Brookings Tax Policy Center - illustrates just how difficult it would be to recoup government revenue lost under Romney's plan.

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Filed under: 2012 • Mitt Romney • Taxes
soundoff (57 Responses)
  1. Sniffit

    The. Numbers. Don't. Lie.

    August 1, 2012 12:51 pm at 12:51 pm |
  2. Rudy NYC

    Four and The Door wrote:

    "Romney refuses to say which tax breaks he plans to eliminate – but the Tax Policy Center report indicates the plan would force the tax burden to shift toward lower and middle-class Americans."

    But read this closely. They are just speculating and guessing which means exactly nothing. This report is a waste of time and energy but somehow they feel the need to publish without full information.
    --------------
    Read this carefully.

    "According to the study, the Romney tax cuts would produce a $360 billion revenue loss in 2015, and offsetting that would require a reduction of 65% of all available tax expenditures. ..... And because most tax breaks go to the poor and middle class, "maintaining revenue neutrality mathematically necessitates a shift in the tax burden of at least $86 billion away from high-income taxpayers and onto lower- and middle-income taxpayers."

    In other words, he wants to eliminate "mortgage interest and state income taxes, and the exclusion from income of employer-paid health insurance."

    August 1, 2012 12:51 pm at 12:51 pm |
  3. rs

    Four and The Door-

    Just how clear do you want it? Mr. Romney says "I don't worry about the poor" and has said the Bush tax cuts on the top 2% need to be permanant. Unless you are part of the the 2% he is going to take MORE OF YOUR MONEY and he is going to GIVE IT TO THE RICH.

    It is the Ryan plan. Because it actually increases the debt., you should also plan NOT to have Social Security and Medicare in your future. Romney does not care about you. GET IT?

    August 1, 2012 12:52 pm at 12:52 pm |
  4. Thomas

    Sorry Mitt .
    This is America not India .

    You want a cast system , move to Calcutta !
    What angers me most about Romney is his level of coruption and his closed mindedness on the environment. The man has no vision.
    I might have voted for the guy this time if 5 years ago he was talking about the instability in the economy. He didn't have a clue that the market might tank . And if he did , he must have profited off the crash big time.

    A prominent US skeptic of the human causes of climate change, Richard Muller, has reversed course and said on Monday that he now believes greenhouse gases are responsible .

    As an American , I want stability.
    Not flavor of the week flip flop.

    August 1, 2012 12:56 pm at 12:56 pm |
  5. Rudy NYC

    I would love to ask Mitt Romney about his taxes. I start by asking one that he should answer.

    "Did you file for a tax extension on the return that you have released? If so, when did you actually file a completed return?"

    August 1, 2012 12:56 pm at 12:56 pm |
  6. Sniffit

    It's actually worse than what CNN said, Rudy, because they removed very important conditional language from hwo they reported the study's findings. The report itself states as follows:

    “EVEN IF TAX EXPENDITURES ARE ELIMINATED IN A WAY DESIGNED TO MAKE THE RESULTING TAX SYSTEM AS PROGRESSIVE AS POSSIBLE, there would still be a shift in the tax burden of roughly $86 billion from those making over $200,000 to those making less than that amount,”

    In other words, even if taking away or reducing deductions and loopholes and tax incentives was done in a manner that attempts to hurt the middle-class and poor the least amount possible...for example, making the amount of deductible mortgage interest allowed dependent upon a bracketed income scale...it would still hose those making less than $200K to the tune of $86B.

    August 1, 2012 12:58 pm at 12:58 pm |
  7. vic , nashville ,tn

    We can’t trust this report because its speak the truth
    Romney said he was audited by IRS smell very bad

    August 1, 2012 12:58 pm at 12:58 pm |
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