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Romney’s tax plan lower taxes for wealthy, raises taxes for everyone else

                 Mitt Romney GOP Presidential Candidate. Image-Public Domain

A new study from the Urban-Brookings Tax Policy Center shows that Mitt Romney’s tax plan favors the rich as it shifts tax burdens from top income earners to the rest of the tax base.

The tax cuts under his policy would lead to a substantial loss of government revenues which would require shifting the tax burden to the lower and middle class to compensate for the loss.

From the report: “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.”

Those making under $200,000 a year would have to pay $500 dollars more on average to cover the tax breaks for the wealthy.  Meanwhile, those who make more than a $1 million a year would see a 4% increase in after-tax incomes.

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