When Republicans gather in Tampa later this month to nominate Mitt Romney and Paul Ryan as their party's presidential and vice-presidential nominees, Democrats there should plaster the town and the convention hall with reprints of
this Tampa Bay Times editorial from Aug. 6th:
Romney's tax plan crunches middle class
Lower taxes on the rich and higher taxes on the middle class is how a
nonpartisan analysis summed up Mitt Romney's tax plan...To fulfill Romney's promise would require the
elimination of a host of tax credits and deductions that middle-income
Americans rely upon but that Romney won't specify...
According to the Tax Policy Center analysis, Romney's plan
to extend the Bush tax cuts for everyone, lower marginal tax rates by 20
percent, eliminate the alternative minimum tax and estate taxes and get
rid of taxes on investment income for most taxpayers, while not adding
to the deficit, would be a boon for top earners alone. People making $1
million or more would see an average tax cut of $87,000. But people
making under $200,000 would see their taxes go up. Those earning between
$75,000 and $100,000 per year would see their taxes increase $884....
As a result, the tax burden would shift by $86 billion from high-income
taxpayers to middle- and lower-income taxpayers, the center found.
Eliminating the alternative minimum tax is not a giveaway to rich prople. Along with the possible elimination of the mortgage deduction (who knows? they're not saying), getting rid of the a.m.t. is going to be one of those horrific post-election surprises for people who don't understand or aren't paying attention.
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