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Mitt Romney Plan Raises Taxes On Poor Families, Helps Millionaires
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Candidate
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| Contributor | RP |
| Last Edited | RP Jan 06, 2012 10:51am |
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| Category | Study |
| Author | STEPHEN OHLEMACHER |
| Media | Website - Huffington Post |
| News Date | Thursday, January 5, 2012 10:20:00 AM UTC0:0 |
| Description | Republican Mitt Romney's tax plan would increase taxes on low-income families while cutting taxes for the middle-class and the rich, according to an independent study released Thursday.
On average, households making less than $20,000 would see their taxes increase by more than 60 percent, said the Tax Policy Center, a Washington research group that studied the Romney plan.
Households making between $50,000 and $75,000 would get small tax cuts, averaging 2.2 percent, or about $250, the study said. People making more than $1 million would get tax cuts averaging 15 percent, or about $146,000.
"Virtually everybody with a big income is getting a tax cut," said Roberton Williams, a senior fellow at the Tax Policy Center.
Overall, Romney's plan would reduce tax revenues by $180 billion in 2015, adding to the federal budget deficit, the study said. Romney's campaign disputes the estimate, saying tax cuts in the plan would help improve the economy, leading to more revenue. |
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