Taxes, Mitt Romney Tax Plan | featured news

Mitt Romney's budget plan would significantly raise income taxes for many families making between $100,000 and $200,000, analyses by leading Republican economists cited by the Romney campaign show.

In a recent paper, we showed that any revenue-neutral tax reform that included Governor Romney’s specific tax cuts and that met his stated goal of not raising taxes on saving and investment would cut taxes for households with income above $200,000 and would therefore necessarily have to raise taxes on taxpayers below $200,000. This was true even when we considered an unrealistically progressive way of financing the specified tax reductions, and even when we accounted for economic growth and revenue feedback.

“Chances are you pay a higher tax rate than him [Mitt Romney]….Mitt Romney made $20 million in 2010 but paid only 14 percent in taxes…probably less than you. Now he has a plan that would give millionaires another tax break. And raises taxes on middle class families by up to two thousand dollars a year.” We hold campaign ads to a high standard, particularly attack ads. If Romney releases the missing details, and a new analysis finds that Romney can meet the stated goals of his tax plan, then we can certainly revisit this analysis. But, until then, for the first time in this frequently nasty campaign, we award a rare Geppetto Checkmark for a campaign ad.

Republican U.S. presidential challenger Mitt Romney's proposal to slash income taxes by 20 percent across the board would boost income for the wealthiest taxpayers while reducing it for the middle class, according to a nonpartisan analysis released on Wednesday.

A new independent study says Republican Mitt Romney's tax plan would increase taxes on low-income families while cutting taxes for the middle-class and the rich....