Romney's Tax Plan Only Benefits (Surprise!) the Rich
Posted on ColoradoPols
A new, independent analysis of presidential candidate Mitt Romney's tax plan reveals that the only Americans who will benefit are the wealthy. From Ezra Klein:
Compared to current rates, Romney's plan would cost a family in the bottom 20 percent $157 and save a family in the top 1 percent $82,000.
Chart of tax plans: http://www.washingtonpost.com/rf/image_606w/WashingtonPost/Content/Blogs...
For a more thorough breakdown of the Republican contender's tax plans, make sure to visit the Tax Policy Center.
For many low income families, $157 less in the budget may mean the difference in being able to afford electricity or prescription medication. A new study highlighted by the Bell Policy Center shows that the number of Americans, and Coloradans, who stand to pay more taxes under a Romney administration is growing quickly:
From 2007 to 2010, the share of working families that are low-income – meaning below 200 percent of the official poverty threshold – grew from 28 percent to 31 percent, according to a new report by the Working Poor Families Project. In 2010, there were 10.2 million low-income working families living in the United States, 125,000 more than the previous year. The number of people living in low-income working families increased by 1.6 million during the same period.
That's right; 27% of Coloradans are now classified as "low income" and will get a tax hike while the richest among us stand to gain $82,000.
Well, let 'em eat cake.