Romney’s Tax Plan Would Benefit the Wealthy Most

In a debate on October 11th Romney stated, “If I’m going to use precious dollars to reduce taxes, I want to focus on where people are hurting the most, and that’s the middle class. I’m not worried about rich people. They are doing just fine. The very poor have a safety net; they’re taken care of. But the people in the middle, the hard-working Americans, are the people who need a break. And that’s why I focused my tax cut right there.” Sounds good right? When you actually take a moment to look at the plan itself though, it’s a completely different story.

Under Romney’s plan, about three-fourths of taxpayers would see a tax cut. People who make more than a million dollars a year would see an average tax cut of around $146,000, which is a 6.9 percent change in after-tax income. People making between $50,000 and $75,000 a year would see an average tax cut of $250, a 3.3 percent change. Those earning below $40,000 would actually see a tax increase. It makes sense that higher income people would see a higher amount of money back from a tax cut, but in this case the percentage of each tax cut is dramatically different. These statistics directly contradict Romney’s words in the debate.

My biggest question is why don’t people point out how he is lying directly to the American public? Why has it taken since October for people to realize that the tax plan he talks about is not the tax plan he has written? Increasing taxes for those who have the hardest time just keeping themselves fed with a roof over their heads, while decreasing taxes so dramatically for those with an annual income of over a million dollars is one of the worst ideas I have ever heard.

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