Romney’s Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families

[kpete]

Romney’s Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families
By Pat Garofalo on Jan 5, 2012 at 4:30 pm

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The Tax Policy Center released an analysis today showing that, contrary to Romney’s rhetoric, the overwhelming majority of the benefits under the plan would go to the wealthy. In fact, compared to the policy in place today, Romney’s plan would give millionaires a $150,000 tax cut, while raising taxes on many low-income families:
http://www.taxpolicycenter.org/taxtopics/romney-plan.cfm

A sizable number of low-income families would see their taxes go up. For instance, about 15 percent of those in the $10,000 to $20,000 income group would get an average tax cut of about $140, but 20 percent would get hit with an average tax increase of $1,000, mostly because Romney would bring back the less generous versions of those refundable credits.

About one-third of those in $40,000 to $50,000 group would get a tax cut that would average about $400, but about one-six would face a tax increase of nearly twice as much.
Almost every millionaire would get a tax cut averaging roughly $150,000. As a group, those making $1 million or more would receive nearly half the benefit of Romney’s tax plan.

The rest:
http://thinkprogress.org/economy/2012/01/05/398758/romneys-tax-plan-analysis/