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Mitt Romney Proposes Trillions In Tax Cuts For the 1% and $54 for the 99%

By: Guest ContributorNov. 4th, 2011more from Guest Contributor

"I want to make the gap between the one and the ninety nine percent this big."

As Mitt Romney continues to sell his tax cuts disguised as an economic recovery plan, the Obama campaign pointed out that Romney’s plan would cut taxes for those making $40,000-$50,000 a year by $54.

Romney plans to give corporations and millionaires $1.5 trillion in tax cuts, but as Obama for America pointed out, he plans to give the middle class much, much less.

According to the Obama campaign,

Tax breaks for corporations and millionaires, forcing the middle class to pay a higher share. Romney has proposed additional tax cuts for corporations and wealthy Americans. Families with over $1 million a year in income would receive nearly half of Romney’s tax break for corporations and two-thirds of his proposal to eliminate all taxes on inherited estates. And while his tax break on unearned income is limited to families making less than $200,000 a year, a typical middle-class family with $40,000 to $50,000 in income would have gotten a tax cut worth only $54 in 2011. These regressive tax cuts for corporations and unearned income would shift a greater share of the tax burden onto wages earned by the middle class. Romney has also supported Republican budget plans that protect tax subsidies for oil and gas companies.

In October, Team Obama pointed out that the biggest tax break in Romney’s plan goes to corporations, “The largest tax cut would go to corporations. Romney promised to immediately reduce the corporate tax rate from 35 percent to 25 percent, while exploring further reductions paired with steps to remove deductions and credits. The independent Tax Policy Center has estimated that this policy would cost over $100 billion a year.”

Romney wrote in a USA Today op-ed that he wants to, “Eliminate every government program that is not absolutely essential. There are many things government does that we may like but that we do not need. The test should be this: “Is this program so critical that it is worth borrowing money to pay for it?”

Guess which programs Romney doesn’t consider essential?

In typical Romney fashion he has refused to say that he supports Paul Ryan’s plan to kill Medicare and Medicaid, but he did agree with the goals of budget. One of the big goals of Ryan’s plan is the gutting of Medicare and Medicaid. Romney’s own budget plan would cut funding for education by 25%, more for road and bridge repair by 33%.

As the right screams about the class warfare behind Occupy Wall Street, their likely presidential nominee has drawn up an economic plan that would solidify economic inequality for decades to come. Under a Romney administration, the 1% gets trillions, while you get fifty four bucks.

Remind me again who the class warriors are.

Mitt Romney Proposes Trillions In Tax Cuts For the 1% and $54 for the 99% was written by Guest Contributor for PoliticusUSA.
© PoliticusUSA, Nov. 4th, 2011. All Rights Reserved

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