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2nd August 2012

Photo reblogged from Mother Jones magazine on Tumblr with 164 notes

motherjones: theatlantic: How Romney’s Tax Plan Could Raise Taxes on 95% of the Country The Romney plan begins by cutting marginal rates by 20 percent and eliminating the estate tax and Alternative Minimum Tax, which would decrease federal tax revenue by $360 billion by 2015. A new report from the Tax Policy Center and the Brookings Institution considered what would happen if Romney eliminated tax expenditures to make his plan revenue-neutral, so that it wouldn’t blow an enormous hole in our budget. Here’s what they found: The revenue-neutral Romney plan would raise taxes on a typical family by more than $600. A household making between half-a-million and $1 million would get a tax cut equal to almost twice the disposable income of the poorest 20 percent. Read more. [Image: Derek Thompson] Yeesh, when America already has the world’s luckiest billionaires.

motherjones:

theatlantic:

How Romney’s Tax Plan Could Raise Taxes on 95% of the Country

The Romney plan begins by cutting marginal rates by 20 percent and eliminating the estate tax and Alternative Minimum Tax, which would decrease federal tax revenue by $360 billion by 2015. A new report from the Tax Policy Center and the Brookings Institution considered what would happen if Romney eliminated tax expenditures to make his plan revenue-neutral, so that it wouldn’t blow an enormous hole in our budget. Here’s what they found: The revenue-neutral Romney plan would raise taxes on a typical family by more than $600. A household making between half-a-million and $1 million would get a tax cut equal to almost twice the disposable income of the poorest 20 percent.

Read more. [Image: Derek Thompson]

Yeesh, when America already has the world’s luckiest billionaires.

Source: The Atlantic

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    Someone please explain to me the reasoning behind this. Please.
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    Revenue neutral, eh.
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    This is what bothers me. You do percentage comparisons, and the top tax bracket has been making out like bandits the...