That is not only my opinion, but also that of three organizations that should know -- the Tax Policy Center, the Brookings Institute, and the Center on Budget and Policy Priorities. You might wonder how it is that taxes will be raised on many while all income groups will get a lower tax bracket. Well, the fly in the ointment is in the "revenue neutral" part of Romney's plan.
After lowering the tax brackets for all income groups, Romney plans to make up for the revenue lost in doing that by eliminating certain deductions. The most often mentioned tax deductions that would be eliminated are the child tax credit, the earned income tax credit, and the mortgage interest deduction. These deductions would make up an insignificant part of the tax deductions for the rich (for those making over $200,000 a year), and as the chart above shows, they would see a nice reduction in the amount of taxes they have to pay.
But for the other 95% of Americans, it is a different story. For many millions of them, those deductions add up to more than the tax cut they would get under Romney's plan -- which means they would actually have to pay more in taxes than they currently have to pay. In other words, the Romney tax cut plan would only be a tax cut for the richest 5% of America. For those making under $200,000 a year, the Romney plan would raise their taxes.
This is why Romney has tried to be as general as possible about his plan before the coming election. He wants people to believe he is offering a tax cut for everyone, when in actuality he is only proposing a tax cut for the richest 5% (which of course, includes him). Don't let him fool you!
This election the American people are going to have to make an important decision that will drastically affect their lives. Are you going to want to vote for Romney and the Republicans who will bring back voodoonomics. Do you want Romney and the Republicans to permanently extend the Bush tax cuts to the rich and give other tax cuts to the rich? Or do you want to do as President Obama wants to do which is to lower the deficit by letting the Bush tax cuts for the rich expire. For those that say the rich need tax breaks to create jobs I like to ask you to prove that tax cuts to the rich creates jobs. It is consumers that create jobs by buying things. The rich have already bought the things that create jobs or already have enough money to buy those things. The rich already have homes, furniture, appliances, household products, clothes, cars and other things that make up the jobs we have. You create jobs by making it possible for more people to be able to buy the things they don’t have but are too poor after paying bills to buy. When people buy things then the rich then get richer because people are buying the things that the rich sell or have investments in. That is how a good economy works. The Depression that the Republicans caused in 2007-2009 caused 9 million people to lose their jobs. That is a lot of people. President Obama has gotten America out of that Depression and is getting America out of this Republican caused Recession. There are two kinds of jobs in America. There is the public sector jobs and the private sector jobs. When President Obama and the Democrats controlled Congress they were creating public sector jobs. When the Republicans took control of the House of Representatives they shut down the public sector jobs. Then in the private sector most companies in America are run by the rich. Most of the rich are Republicans. Most of the large companies in America are now making money yet the Republicans who run those companies won’t help improve our economy by hiring new workers. The Republicans in the private sector and the public sector are purposely destroying America’s economy because they know that the only way they can win the next election is if the economy is bad and then they want to brainwash you into believing that Romney and the Republicans can make it better. But Romney and the Republicans only plan is to extend the tax cuts for the rich and cut other taxes for the rich, unnecessarily increase the military budget to enrich themselves and their buddies, cut or gut as many regulations and environmental laws as possible which will allow the rich to use Wall Street and the banks to rip us off more &ruin our environment more. Then Romney &the Republicans want to make abortions illegal & end Planned Parenthood. Do you women and men want to have to let every women who becomes impregnated to be forced to have the child? Do you want women to go back to the days of backroom abortions?. These are the choices you voters must make.
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