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Williard’s Magical Let Them Eat Cake Tax Policy
For all his flip-flops, Willard is consistent in his attitude toward people who aren’t part of the billionaire white boys’ club. Whether it’s about his tax returns, his tax plan; or his position on anything for which he hasn’t gotten the poll data yet, the message is the same: Just vote for me, I’m good for telling you what I plan to do to America, I mean for America after I’m sworn in.
Romney claims that discussion about his tax records is merely a liberal attempt to distract from economic policy. A repeated theme in Willard’s messaging is the need for tax reform. Except, he doesn’t really want to talk about that either. Too bad, we’re going to talk about it anyway.
Let’s talk about why Romney doesn’t want to talk about the specifics of his tax plan. Usually, when politicians have ideas that they just know people will love, they find a way to invoke their proposal in every discussion. When they don’t want to talk about it, you know something is up.
We know that Romney wants big tax cuts for himself and his friends in the billionaire boys club, while controlling the deficit and increasing defense spending
The tax cuts that Romney proposes for the wealthy is huge. According to Ezra Klein:
The size of the tax cut he’s proposing for the rich is larger than all of the tax expenditures that go to the rich put together. As such, it is mathematically impossible for him to keep his promise to make sure the top one percent keeps paying the same or more.
According to the Tax Policy Center
Willard’s plan includes a 10% tax cut for corporations.
He proposes across the board cuts in income tax rates, with the top rate reduced from 35% to 28% and the bottom rate reduced from 10% to 8 %
He would make up the revenue shortages by reducing or eliminating unspecified tax breaks. Though, we know that the corporate tax credit for research and development will not be on the chopping block. How much do you want to bet that tax breaks for dressage horses are also safe?
Romney also wants to increase defense spending and maintain current expenditure levels for this generation of senior citizens.
Reduced to its simplest terms, Romney wants to increase spending and decrease revenue, and somehow magically the deficit will disappear!
The significant and numerous holes in Romney’s tax policy are there for a reason. While singing the praises of lowering the tax rate, in reality, Romney’s proposal will result in a tax increase, unless you’re a member of the billionaire boys club.
For a typical family, with children, the Romney plan to cut taxes will result in a tax increase of $2000, while the Obama proposals would result in a tax reduction of $2,200 next year and $3,600 over four years.
You can see just how much it will cost you thanks to the Obama/Biden campaign’s new tax calculator found here.
Image from Down With Tyranny