Posted 9 months ago on Aug. 1, 2012, 4:46 p.m. EST by repubsRtheprob
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Q: Who would benefit from Mitt Romney’s tax plan?
A: Only Mitt Romney and the very wealthiest Americans, along with huge corporations:
Mitt Romney would give himself a $4.5 MILLION tax cut in just one year compared to the president’s plan and he’d save up to $12 MILLION in taxes on his mysterious $100 MILLION IRA and another $112 MILLION in estate taxes (p. 12). Millionaires would receive a $250,000 tax cut on top of the Bush tax cuts. The top 0.1 percent would receive an additional average tax cut of $725,000 (p.10). Corporations would receive a $1.1 TRILLION tax cut over the next ten years and would receive new incentives to ship American jobs overseas (pp. 10, 16).
Q: Who would pay the price for Mitt Romney’s enormous new tax cuts for the wealthy?
A: Everyone but the wealthiest Americans:
Mitt Romney would raise taxes on 18 MILLION working and middle class families. Millions more middle class families could be hit with massive tax increase by Romney’s heretofore unspecified plans to “broaden the base” (p. 14). Because of the hidden middle-class tax increase in his plan, everyone from a single parent working a minimum wage job to a family with two kids (one in college) making $150,000 a year would see a tax increase under Mitt Romney (p. 15).
Q: Would Mitt Romney’s plan create jobs?
A: No. His plan doubles down on the Bush economics that created the worst job growth in decades:
A conservative tally of his specific policy proposals shows Mitt Romney’s plan would cost the economy 360,000 jobs in 2013 alone (p. 39).
Q: Will Mitt Romney save Social Security and Medicare?
A: No. He wants to turn Medicare into a voucher program and his plan would require major cuts to Social Security and Medicare (p. 24).
Q: Would Mitt Romney’s spending plan reduce the deficit and debt?
A: No. His plan would explode the deficit and debt:
Mitt Romney’s policies would result in nearly $10 TRILLION more debt than President Obama’s proposals (p.28). In 2016 alone, Mitt Romney’s policies would lead to a $1.5 TRILLION deficit. The specific fiscal policies in Romney’s plan would lead to a debt-to-GDP ratio of over 100 percent by 2020 (p. 28). Even if Romney also implements the spending cuts in the Ryan-Republican budget he has eagerly backed, his tax cuts would lead to a a debt-to-GDP ratio of 95 percent by 2020 (p. 28).