Study: Romney Plan Would Raise Taxes On 95% Of Americans
2012.talkingpointsmemo.com — Mitt Romney’s tax plan would be a boon for the wealthy, but a tax hike for 95% of Americans, according to a new nonpartisan study. The report by researchers at the Tax Policy Center, a joint project of the Urban Institute and Brookings Institution, examined Romney’s suggestion of an across-the-board 20% income tax cut financed by closing existing loopholes and concluded there was no way to make the numbers work without burdening the vast majority of Americans with higher taxes. Romney has not said which tax breaks he would end to finance his plan, but he has suggested that he would only look to breaks that benefit the wealthy. The report concluded that notion is a fantasy no matter how it’s constructed: There simply are too many middle class tax breaks on the table to avoid skewing the burden against the average American.