How Romney’s Tax Plan Could Raise Taxes on 95% of the Country
The Romney plan begins by cutting marginal rates by 20 percent and eliminating the estate tax and Alternative Minimum Tax, which would decrease federal tax revenue by $360 billion by 2015. A new report from the Tax Policy Center and the Brookings Institution considered what would happen if Romney eliminated tax expenditures to make his plan revenue-neutral, so that it wouldn’t blow an enormous hole in our budget. Here’s what they found: The revenue-neutral Romney plan would raise taxes on a typical family by more than $600. A household making between half-a-million and $1 million would get a tax cut equal to almost twice the disposable income of the poorest 20 percent.
Read more. [Image: Derek Thompson]