Mitt Romney’s Tax Plan Would Provide Large Tax Cuts to Rich While Increasing Taxes on Middle/Lower Income Taxpayers
Washington, DC–(ENEWSPF)–August 1, 2012. This paper examines the tradeoffs among three competing goals that are inherent in a revenue-neutral income tax reform—maintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax rates—drawing on the example of the tax policies advanced in presidential candidate Mitt Romney’s tax plan. Our major conclusion is that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers.
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