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Today's Top News
Romney's Tax Plan: Coddle the 1%
Mitt Romney has issued charges of "class warfare" and "envy" when asked about inequality.
In an interview Wednesday on The Today Show, CNN reports Romney as saying:
"You know, I think it's about envy. I think it's about class warfare," the leading Republican presidential candidate said Wednesday on The Today Show.
When asked if there are any fair questions about wealth distribution, Romney replied, "It's fine to talk about those things in quiet rooms and discussions about tax policy and the like."
Romney's tax plan reveals his presidential plan for tax breaks for the rich.
The Los Angeles Times reports:
Compared with current law, under which the Bush tax cuts – and some additional cuts passed under President Obama – would expire at the end of this year, Romney’s plan would result in a $600-billion reduction in federal revenue in 2015. If those cuts don’t expire, Romney’s plan would reduce revenue by about $180 billion.
Howard Gleckman, a resident fellow at the Tax Policy Center, wrote in an analysis of the center’s findings that “a Romney administration’s revenue agenda would look a lot like President George W. Bush’s, just more so.”
And as ThinkProgress notes:
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.