You’re going to hear a lot of things. You’re going to hear that Romney wants to lower taxes for EVERYONE…but really he cares about the middle class…you see? That’s what you’re going to hear but at the end of the day – his policies are going to mean huge cuts to services that people in the middle and lower classes count on including the privatization of Medicare, giving Wall Street the ability to run rampant and rob you blind while you’re sleeping, cuts in education, etc in return for a few breadcrumbs to the middle class and A LOT OF MONEY to his donors and himself.
Remember – Romney’s economic brain is a former economic adviser for George W. Bush … he was embarrassed in the movie Inside Job for not disclosing his conflicts of interest and he’s the same guy who designed the Bush Tax Cuts. (SOURCE)
The AP reports HERE:
Under Romney tax plan
Assuming inflation-adjusted earnings of $23 million, he’d pay an effective rate of 34 percent under the Obama plan. That drops to 13 percent under Romney’s own tax proposal — even lower than the 15 percent he estimated for 2011, which irritated critics who felt a multi-millionaire investor should shoulder a higher rate than middle-class working families.
The difference between the two candidates’ plans: paying the taxman $7.8 million vs. $3 million.
Under Obama’s tax plan
Like others who are taxed at earned income instead of investment rates, Obama’s bill wouldn’t swing as dramatically under the differing plans. He reported paying an effective tax rate of almost 21 percent on about $790,000 in income in 2011. Under his own plan, that would climb to 28 percent. Under Romney’s plan, it drops to 18 percent.
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