Saturday, January 14, 2012

Romney’s Tax Cut For Millionaires Would Be Nearly Twice The Size Of George Bush’s

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By Pat Garofalo

As we’ve been noting, Mitt Romney’s economic plan calls for a massive tax cut for the rich, even while the plan would likely result in a tax increase on millions of middle class families. And as it turns out, Romney’s tax cuts for the rich would dwarf even those put in place by George W. Bush in 2001 and 2003, as Center for American Progress Director of Tax and Budget Policy Michael Linden noted:
Republican presidential candidate Romney’s plan for federal taxation begins with a hefty portion of Bush-era tax policy: Permanently extend all the tax cuts passed in 2001 and 2003, including those that mainly benefit the extremely wealthy. Then Romney layers on a heaping batch of new tax cuts for the rich, including a full repeal of the estate tax—which is currently paid by only the richest 0.14 percent of estates—and a massive corporate tax cut.

The result is a tax code that asks even less of the rich than George W. Bush’s did.

Romney’s plan also gives nearly 60 percent of its benefit to the richest 1 percent of Americans, while preserving the loopholes that let the wealthy pay less than middle class families.

Romney’s constantly claims that he’s “not worried about rich people,” and that his tax plan is “focused” on the middle class. In fact, he’s absurdly claimed that he’s not proposing any tax cuts for the wealthy at all. But as it turns out, he would lavish even more tax breaks onto the rich than did George Bush, even after Bush’s tax cuts were a significant factor leading to today’s large budget deficits.

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