Forum Post: Romney’s Tax Plan Gives Millionaires A $150K Tax Cut, Raises Taxes On Low-Income Families
Posted 12 years ago on Jan. 5, 2012, 8:18 p.m. EST by Puzzlin
(2898)
This content is user submitted and not an official statement
"ThinkProgress has already found that 2012 GOP presidential frontrunner Mitt Romney’s economic plan would explode the deficit to the tune of more than $6.5 trillion over the next decade, while doing next to nothing to help middle class or low-income Americans. In fact, Romney’s tax cut that is supposedly “focused” on the middle class gives literally no benefit to most middle class households."
"The Tax Policy Center released an analysis today showing that, contrary to Romney’s rhetoric, the overwhelming majority of the benefits under the plan would go to the wealthy. In fact, compared to the policy in place today, Romney’s plan would give millionaires a $150,000 tax cut, while raising taxes on many low-income families:"
*A sizable number of low-income families would see their taxes go up.
For instance, about 15 percent of those in the $10,000 to $20,000 income group would get an average tax cut of about $140, but 20 percent would get hit with an average tax increase of $1,000, mostly because Romney would bring back the less generous versions of those refundable credits.*
*About one-third of those in $40,000 to $50,000 group would get a tax cut that would average about $400,
but about one-six would face a tax increase of nearly twice as much.*
*Almost every millionaire would get a tax cut averaging roughly $150,000.
As a group, those making $1 million or more would receive nearly half the benefit of Romney’s tax plan.*
OWS needs to get this message out. The rich have bought off Romney for those who didn't know.
LINKS
http://www.nytimes.com/2012/01/05/us/harder-for-americans-to-rise-from-lower-rungs.html?_r=1
http://thinkprogress.org/economy/2012/01/05/398758/romneys-tax-plan-analysis/
God help the United States of America and God help the human race. We need revolution badly.
We must keep fighting. If we don't our way of life is over as we know it.
Our way of life IS over, there are just a bunch of people who haven't realized it yet.
Actually Nucleus below is correct. I do agree we need to keep fighting.
"Our way of life IS over, there are just a bunch of people who haven't realized it yet."
http://occupywallst.org/forum/romneys-tax-plan-gives-millionaires-a-150k-tax-cut/#comment-599933
We know his true colors! Let's see those tax returns Mitt!
You and others might be interested in the following :
a) "Romney Hiding Millions in Dozens of Secret Offshore Accounts : Report", by Stephen C. Webster ; http://www.informationclearinghouse.info/article30296.htm ,
b) "Massive File on Romney Hits Internet, Likely from 2008 McCain Campaign", by 'The Daily Caller' ; http://www.informationclearinghouse.info/article30299.htm ,
c) "Romney’s Bain Capital Owns Media Giant Broadcasting Limbaugh, Hannity", by Alex Newman ; http://www.informationclearinghouse.info/article30260.htm ,
d) REVEALED: The 30 American Companies That Paid Less Than $0 In Income Tax Over The Last 3 Years : http://www.businessinsider.com/these-are-the-30-american-companies-that-paid-less-than-zero-income-tax-from-2008-2010-2011-11?op=1#ixzz1k1O9JNzz &
e) http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf .
f) The Indispensable Documentary Film, "INSIDE JOB" : http://documentarystorm.com/inside-job/ ; 'Inside Job' provides a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse.
ad iudicium ...
The tax returns will sink him. He won't be able to escape the fact that he pays lower taxes than most of the middle class. This is why we have income inequality because of people like him.
In the end, it isn't the fact that he pays such a low rate, it is the way he feels about it - entitled. He likes getting his hand-outs.
Exactly, for him it's because he's a smart investor, for the middle class, we are causing class warfare.
And who are the entitled ones in this country? Who are the ones taking from whom?
Stingy greedy bastards, I'm glad that we keep the spotlight on them, we have them exposed!!!
I'm getting attacked by trolls at the moment on another thread. These guys are ruthless. They never give up.
Nice links shadz66... haven't read a couple of these... keep spreading the word. A vote for Romney is a vote for Bank of America.
::::::::::::::::Big banks have picked their candidate, and it's Romney::::::::::::::::
http://www.mcclatchydc.com/2012/01/15/135945/big-banks-have-picked-their-candidate.html
-January 15, 2012- (((By Andrew Dunn | Charlotte Observer)))
Romney, bought and sold by the highest bidder.
Flip-Flop - Flip-Flop - Flip-Flop
Thus the reason why he's got all the super pac money behind him...
Batta Bing Batta Boom
Absolutely, exactly!!!
Citizen's United.
He's a piss ant!
New Romney slogans: Not really the worst or 25% think I am OK.
Yeah, LoL, that 25%, LoL.
The repugs are beginning to see the light but we haven't burned out the back their eyes yet. Their retinas.
We will. We are coming!!!
OR how about|:
I'm the 1% of the 1%
or
I'm the third richest candidate ever, and boy, do I care about you?
Maybe I should trademark these?
LoL. He's a wash out. I think after this cycle we won't have to see him again as a candidate.
Well, at least he has enough to get by on for a while, after his Unemployment runs out.
LOL! LOL!
Republican voters are split over a number of issues. Really the only thing that unites them though is their hatred of Obama. I have no doubt that whoever the Republican nominee is, Romney or otherwise, the party will unite behind them. They all share the common goal of defeating Obama. That being said, Romney is the only I think can actually do it because he would attract a lot of Independents. It all depends on the economy though.
The hypocrisy will run deep as the flip-flopping Romney is quite Clintonlike who they also hated very much. I think this time carrying off the hypocrisy will be harder to pull off. The truth sometimes can shine through.
Didn't Clinton win 2 terms rather easily?
No not so easy. Remember there was a third party candidate. Ross Perot. Maybe this cycle we'll see a Ron Lawly run and that will insure the Obama victory. History repeats
: )
Perot drew votes from a pretty even mixture of liberals, conservatives, and moderates.
http://www.hks.harvard.edu/case/3pt/perot_vote.html
RonRon would probably do something similar. He appeals to certain factions of both parties.
I see it differently, but it doesn't matter.
Obama wins.
The Repugs have become a Party of NO, obstructionists, that and their compulsive liars.
Ron Lawly would curve off the protest vote of those who blame Obama for everything and watch Faux News to keep re-inforcing the idea that Obama is to blame for everything that's wrong. Romney just doesn't give enough for the protest voters.
Everyone who makes less than 30,000/yr should get a progressive tax REFUND EVERY MONTH throughout the year. Based on TAKE HOME PAY of 2000.00/month when completely spent on items for living, rent/mort, electricity, gasoline, transportation, food, clothes and communication at minimum 50% of that money goes towards taxes either directly or indirectly, ESPECIALLY all gov fees like at the DMV, Telephone Bill add-ons, energy bill ad-ons etc. There are imbedded taxes in all products purchased and it is beyond obvious that the poor and middle class pay the bulk of taxes in the USA while the rich 1%ers skate skate skate!!
You got it. The rich pay the least in taxes while the hard workers slave in dead end jobs and get called lazy by those who coddle the rich.
Thanks for your post Bill!
Pure propaganda.
Which class are you dependent on?
...............................................................................................................................................................
You're just an ignorant propagandist. It really isn't that hard to see what demographic groups the taxation comes from.
Social security and medicare aren't really taxes for many. They're simply funding future entitlements. Real taxes don't come with an annual letter explaining your growing entitlement. Just sayin'
You might want to also consider that governments cash checks, not percentages. Seems pretty fucking obvious, but for you, maybe not.
http://www.cbo.gov/publications/collections/collections.cfm?collect=13
Hey quak brain, SS is a TAX as written into LAW. AND it pays for CURRENT, not future SS Recipients, there is no SAVINGns i social Security $$.s
Liberals stretch as much as possible to come up with a story about lower income people paying taxes. Social security and medicare is about all they've got. So, I understand how much they cling to this argument.
I understand that it's a pay-as-you-go system, but government is agreeing to obligate someone else later in pay-as-you-go on your behalf. These aren't like other taxes. Real taxes don't come with an annual letter outlining your future entitlement.
As a (R)pelican, Mitt hasn't half the integrity of his father, George.
Don't worry, he'll flip flop, that's what he does.
He just looks better on TV than the rest of them.
Your right, he will get pounded and repugs will be embarrassed. There's no more Anti-Romney, it's ALL him!!!
Also, I will gladly aid in the pounding starting right here.
Thanks Shooz, we need your help!
Newt will win.
I've been told by a fan of his, Newt smells like a colon.
I know I don't want that for president.
Can you act like an adult, just for once?
"Benjamin Franklin did it. Henry Ford did it. And American life is built on the faith that others can do it, too: rise from humble origins to economic heights. “Movin’ on up,” George Jefferson-style, is not only a sitcom song but a civil religion."
"But many researchers have reached a conclusion that turns conventional wisdom on its head: Americans enjoy less economic mobility than their peers in Canada and much of Western Europe. The mobility gap has been widely discussed in academic circles, but a sour season of mass unemployment and street protests has moved the discussion toward center stage."
Puzzlin, you did it again with another great post. We have to keep exposing what the Republicans are up to so we can melt them in the light like the wicked witch.
We are winning!!!
This is it. They are going to put up Mitt for sure. We need to expose that not only does this man dis the whole OWS movement but this post explains why he would. We need to disclose Mitt's attack on the 99%!!!
MittneyCare
More income inequality under Mitt's plan!
We might have to start talking about Gingrich's tax proposals (although I still think Romney will probably win the nomination, but it is sort of up for grabs at this point).
But Romney will be the worse thing that ever happened to the rich (and probably the worse thing that ever happened to Mormons, since Joseph Smith was lynched). I can't wait for the South Park episodes.
Romney's role is to make Obama look desirable by comparison, and move the Overton Window ever right-ward.
The script has already been written for 2012, and Obama is the guy for another four years. This is all just theater and propaganda, this "election" bullshit.
If you don't know what the Overton Window is, you should check it out. It explains SO much:
http://www.dailykos.com/story/2006/05/09/208784/-Why-the-Right-Wing-Gets-It-and-Why-Dems-Dont-UPDATED
(from back when Dailykos has potential, years ago)
If any of this Republican field is elected America is done for - I mean absolutely finished. I would rather see us elect an iguana or a salamander than Romney, but for God's sake not a Newt!
khankir chele romny
if you make 20K a year you aren't paying any fed tax to start with so this is bogus.
But it's not bogus or an accident that the RICH have been given a free pass from these bought and paid for politicians. They really enjoy those big tax cuts more than ever. The Repugs is the party for the RICH. No doubt about it!
Well said, Puzzlin.
Thank You! : )
Repugs ARE the party of the rich. Which is also not true democrats are just as guilty.
go tell your congressman.
Already did, but I remind Eric Cantor all the time.
don't worry if you don't have a job you won't have to pay taxes anyway. looks like Romney is gonna get this all wrapped up, hopefully in a month after Florida.
He's weak, and after today, it's obvious there is nothing but flawed repugnant candidates, the win today for Newt is a big win for Obama.
We're gonna do it again!
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hey at least the tax cut for the rich means less money in the hands of the government, its not like any of it would end up in our hands anyways!
I think I'll take my share up front. And the rich need to start paying down the deficit they contributed to during those Bush unfunded tax cuts for the filthy rich. We want that squandeed money back. NOW!
Nearly half pay nothing to support their federal government. Just kinda fun to introduce a little reality.
What should they pay with? Their blood?
Oh yeah, that's right, they already do.
No, not blood. But maybe tone down the immigration of uneducated people, illegitimacy and dropping out of high school. That would be a start. All three would result in us having a population with fewer people so manifestly incapable of taking care of themselves and meeting their responsibilities as citizens.
"Benjamin Franklin did it. Henry Ford did it. And American life is built on the faith that others can do it, too: rise from humble origins to economic heights. “Movin’ on up,” George Jefferson-style, is not only a sitcom song but a civil religion."*
"But many researchers have reached a conclusion that turns conventional wisdom on its head: Americans enjoy less economic mobility than their peers in Canada and much of Western Europe. The mobility gap has been widely discussed in academic circles, but a sour season of mass unemployment and street protests has moved the discussion toward center stage."
Education would be start but we have to educate many on the job. As you likely know some do better in a school environment than others, it doesn't make them losers.
We need to have some compassion for those who have missed the American Dream.
What do you mean by illegitimacy?
Babies born out of wedlock. As much as liberals pee themselves over the criticism, it's simply a fact that illegitimacy is a major driver of economic and social problems. Turns out, the family is the most successful social structure ever invented. Who knew? LOL
Excuse me?
Pee myself?
I guess you are actually the Dependsclass
.Anyways, what are you proposing? Free abortion?
Free birth control? Earlier sex education?
The breakup of families can be directly attributed to economic stress. So perhaps you are calling for minimum wages above the $20 mark?
Who knew? Many people did and do.
Learn of this economic stress.
http://www.youtube.com/watch?v=akVL7QY0S8A
shooz, your reply is excellent!
Yes, liberals pee themselves over any criticism of single moms. They try so hard. So, somehow, that alleviate the consequences of this choice. Consequences like poverty and a lack of resilience. Emotion is a poor stand in for reason.
The break up of families is owing to an abandonment of shame and standards and government largess that's willing to out pay a man.
Much of poverty and economic stress is due to simple bad choices. OWS rails at bankers, but utterly ignore this other critical reality.
Conservatives would like the poor to:
Remain ignorant because "sex education is perverted"
Get pregnant a lot out of wedlock because of the lack of education. This way the conservatives can point a righteous finger.
Not be allowed any birth control, so that unwed teen mothers will be bogged down with caring for their young and therefore forego their education and plans for careers.
They will thus remain ignorant and jobless, and so will their children. They will have no prospects for success and therefore will STAY the "dependent" class.
Elect politicians who will do away with all public benefits. Thus the "dependent" class will be deprived of what they depend on for subsistence. Being thus deprived of their basic needs, they will DIE OFF.
Goal reached: SYSTEMIC GENOCIDE.
This guarantees the "dependent" class
Black illegitimacy is over 70%. LIberals have done a great job with this one. LBJ and Great Society represented the substitution of a judgment-free, money doling government for shame, judgment, and fathers. It's been a disaster. People today reduce their own resilience and create their own poverty. OWS bitches about bankers but says NOTHING about choices.
Missed the video, eh?
Lots of "critical realities" are chronicled, therein.
What you state, is myth.
What you show is propaganda. People have lived down to the standards that we've established. You've shown me nothing more than a willingness to accept feral behavior. Standards, shame, and not being allowed to make your neighbors pay for your idiotic behavior all served a purpose.
What is it you think is in the video?
What idiotic behavior, of mine are you referring to?
Warren is a moonbat socialist and Berkeley is an infamous nut nest.
Here let's just do this. I'm sure Warren would like to head this agency. Let's start a Bureau of Big Decisions. Anything important in life would have to be co-signed by your govt nanny. How cool, this way, you could just sign anything and become and fulfill your ambition of ultimate helplessness.
Liz would never admit it, but choices matter. You cant' design society as a continuous retreat to poor decision making.
What moonbats and nuts, advise you?
The vid just states statistical facts, and was made before she came into the spotlight. She's a capitalist and never claimed otherwise.. Do fear her that much?
If you can't design a society as a retreat to poor decision making, what do call wallstreet's purchase of our government/?
Who's Berkeley?
She may very well claim to be a capitalist. But that's simply her claim. She is someone to be concerned about. She represents a furthering of the nanny state and the politicalization of credit. There's simply no substitute for having a brain in your head and thinking about your decisions. Warren thinks the government should be that substitute. But that only makes for an even dumber public and something worse next time.
Berkeley? That's a school. University of California at Berkeley.
Then you are your own moonbat?
Still using propragandist "buzz words" like nanny state?
Refusing to watch a video, because it might make you communist?
You've never heard her speak beyond sound bytes on FLAKESnews or something similar, have you?
All right. I accept that. not doing so will get us no where.
Here's another way of looking at what has happened, from a dyed in the wool capitalist.
It's testimony given about the passage of GATT, by Sir James Goldsmith.
Read it. I promise it won't make you socialist.
Lower taxes means more money is available to donate to political campaigns... its not so much giving a tax break as it is an implied solicitation of donations.
Some wealthy elite have difficulty choosing between $40,000 Olsen Twin backpacks and $40,000 donations to future presidential hopefuls... but this kind of policy means they are free to do both!
yep
Romney makes 57000 dollars a day and pays less taxes than most of us. And he wants to give more breaks. What a A$$hat!
Romney is worthless. Great post.
Not a problem GirlFriday! Romney is the only candidate the Repugs could muster up. And they aren't happy. We'll get a third party candidate which will siphon off Tea Partiers and Right Wingers thus insuring an Obama Victory.
Thanks!