There is a new study out today by the nonpartisan Tax Policy Center in combination with the Brookings Institution that shows that Romney’s tax plan will cut taxes for the richest 5% but increase taxes for the rest of the 95%. In other words a reverse Robin Hood plan.
I fully expect Obama to HAMMER on this from today until election day. The Obama camp is already tweeting about this new study results.
In all Romney’s tax plan ends up being a reverse Robin Hood plan that cuts taxes for the top 5% of income earners and increases taxes on everybody else.
“It is not mathematically possible to design a revenue-neutral plan that preserves current incentives for savings and investment and that does not result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers,” the study concludes.
The bottom line for Romney’s tax plan: the rich gets a wet kiss, the middle class gets a slap in the face, and the poor gets a kick in the gut.
What would that mean for the average tax bill? Millionaires would get an $87,000 tax cut, the study says. But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year.