Almost every “proposal” from Mitt Romney on important issues is vague and lacking in real details that they are almost impossible to actually evaluate. But despite the lack of details, the Tax Policy Center has done their best to try to analyze the impact of Romney’s tax plan based on the few elements Romney has said are in it. Their finding is that there is no way Romney can fulfill his plan to lower the tax rates in a revenue neutral manner which wouldn’t result in the rich paying less and the middle class paying more.
From the Tax Policy Center:
As a motivating example, we estimate the degree to which individual income tax expenditures would have to be limited to achieve revenue neutrality under the individual income tax rates and other features advanced in presidential candidate Mitt Romney’s tax plan, and how the required reductions in tax breaks could change the distribution of the tax burden across households. (We do not score Governor Romney’s plan directly, as certain components of his plan are not specified in sufficient detail, nor do we make assumptions regarding what those components might be.)
[...]
We show that plans that advance steeply lower marginal tax rate structures would require deep cuts in tax expenditures to offset the revenue losses arising from low rates. Because many of the largest tax expenditures benefit middle- and lower-income households, deep reductions tax expenditures can alter the distribution of the tax burden. To illustrate these tradeoffs, we examine as an example a set of tax rate reductions specified in Governor Romney’s tax plan. We show that given the proposed tax rates and proscription against reducing tax expenditures aimed at saving and investment, cutting tax expenditures will result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers—even if individual income tax expenditures could be eliminated in a way designed to make the resulting tax system as progressive as possible.
It is important to point out this is not an actual analysis of Romney’s full tax plan because he either doesn’t have one or is keeping it secret from the American people. What it does do though is take the promises Romney has made on the issue of taxes and see if there is any possible way to fulfill them without shifting the tax burden from the rich to the middle class. Even when tax expenditures were eliminated in the most progressive manner, their analysis concluded people making less than $200,000 a year would still pay roughly $86 billion more.
Based on the available information, we must assume Romney’s tax plan would lower taxes for the rich while increasing them on the middle middle class. If Romney feels this is wrong, he can easily refute this at any time by simply releasing a fully detailed tax plan which can be analyzed;,until then “simply trust me” is not a defense.
If a candidate’s refuses to release details, it should be the role of the media and the electorate to assume the worst, not giving them the benefit of the doubt, since it is the candidate creating the doubt.




16 Comments
Need an incentive to leave your middle-of-the-road lifestyle and avoid paying more taxes, too? Just become rich.
Genius!
/snark
Ok show of hands who does not assume the worst from Rmoney first.
He’s got some splain’n to do.
One would assume he knows something about taxes as he must not have to pay them, or he would put out his past returns.
There’s zero reason not to assume the worst. He tells you to your face he wants to destroy the middle class and make the rich richer. It’s his entire campaign platform in fact.
Aint it funny how we the consumers are not considered “job creators”.
Excuse me i mean in this country.
He’s bad news. Romney is worng,l wrong, totally wrong. About us, the 99%. And, we know it before the election. Not, just suspect. We know.
I’ve felt for some years, 10-15, that our country is run by the backroomsmokers. You know the type. The ones that get away with shooting a friend in the face. The MIC, The Oil Companies. People with really expensive horses. I still believe that the President has less power than some of the naive/cynics believe they know for a Fact!
Don’t mention Drones to me. I’ll scream. Be smart. Think about it.
It’s a really lousy choice, but, well for me, it’s an easy one.
Supreme Court Appointments, and stuff like Romney says about whats fair in the tax rate.
Bet your bottom and last dollar.
This makes no sense, no political party is going to pass a tax plan that shifts the burden from the rich to the middle and lower income people in any significant way.
It would be political suicide!
Romney says he’ll lower tax brackets and reduce tax deductions so that it comes out as revenue neutral… He wants to simplify the tax code, so CPA’s can’t figure out a way to game the system. Right now it’s pretty easy for self employed and upper income people to reduce their taxable income. The AMT is the only thing that prevents them from lowering their taxable income all the way to zero.
I don’t think the Tax Policy Center really tried to figure this out. It would be helpful it a group did a real study to see how low tax rates could go if you eliminated all the tax deductions. I also think that if the bottom 50% that pay zero Federal income tax just paid a little, maybe $1 or $2 a week, they would have some “skin” in the game, and it would raise a few billion dollars in tax revenue.
It makes a lot of sense.
Willard is just being Willard. He’ll get back to us all later on his tax plan. Just trust him.
Why should the onus of providing a plan be on some other party? Willard’s the one running for prez. Let’s see his plan BEFORE
…the election. His tax returns too.
Willard will NOT be releasing any more tax returns. He can;t afford to.
His tax plan is simple, reduce taxes for everybody but “close the loopholes”.
Of all the things that will cost him the election, THAT crappola wil be the most costly.
Obama 310+ electoral votes. Romney, as he should be, wil be a small footnote in the history books.
Yes that is puzzling.
And who uses their middle name as their first? The guy can’t even use his real name. Seriously it bothers me.
Romney’s plan is simple. Winners take all. Sorelosermen whine to mommy how unfair life is.
Willard wants to be a two termer bad.
He’ll be releasing those returns just like he flip flops on everthing else.
Willard doesn’t have a tax plan. His closing loopholes talk is BS.
Obama has been pointing out Romney’s for the rich tax plan but he has said little or nothing about his own plan. I suspect that Obama’s plan is not much better for us regular people
John Edgar Hoover
Isn’t this amazing Jim!! Romney isn’t hiding a thing (except his taxes) and he tells us right to our face and yet the support he is getting is unbelievable. What has happened to the mentality of the voting public. Look Obama is not the greatest but my god at least he makes an effort to lie to our face.
ding-ding-ding-ding-ding! We have a winnah!