“There is uncertainty surrounding the Romney-Ryan tax cut plan, because they have not specified the deductions that will be closed. And we know where the big money is: mortgage interest deductions, charitable deductions, taxing that’s compensation, which it is, employee-provided health insurance, and state and local taxes. All of those, you either hit only the rich, in which case you don’t get much money, or you hit the middle class.”
When George Will hits you and you’re a conservative then your goose is cooked. I disagree with George Will on many issues but he stops denying something once it becomes obvious that it is 100% false. And he stopped defending the Romney tax plan.
I’ve already explained how the Romney plan is a farce in detail HERE - watch Romney’s Meet the Press interview and how he is unwilling and unable to even provide ONE deduction he would take away from the rich … my take:
Romney claims that his plan will “keep the progressivity” of the current tax code by cutting taxes on everyone by 20% but just eliminating tax deductions. Romney won’t say where he’ll cut deductions. He claims that there are studies that find his tax plan will balance out and not raise taxes on the middle class. David Gregory asks him for specifics … but he doesn’t give ANY specifics in the interview. NONE. He won’t give even ONE example of a deduction that he’ll close. He is asked several times but doesn’t answer the question.
The Washington Post explained a non-partisan Brookings institute study of Romney’s tax plan HERE:
“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.
Even if tax breaks “are eliminated in a way designed to make the resulting tax system as progressive as possible, there would still be a shift in the tax burden of roughly $86 billion [a year] from those making over $200,000 to those making less” than that.
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.
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