Romney tax returns will dog his campaign Stonewalling only makes it worse

[kentay]

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Nobody likes paying taxes, but most of us realize that it is unavoidable in a modern society, no matter what our views about the size of government. There has to be some government and it has to have some revenue.

The notion that a zillionaire is paying no taxes, even if perfectly legal, cannot sit well with people who see a big chunk of each paycheck go to the Internal Revenue Service.

http://www.marketwatch.com/story/romney-tax-returns-will-dog-his-campaign-2012-08-02?link=MW_latest_news

[Woody]

Sorry, that IS NOT what the tax policy surmised:

[/size]³ Compared with the current law baseline, the Romney plan (absent base broadening) would cut taxes for about three-fourths of taxpayers by an average of more than $7,000. In contrast, compared with current policy, about 11 percent of tax units would see their 2015 taxes go up an average of nearly $900 while 70 percent would get tax cuts averaging almost $4,300. The tax increases reflect the expiration of three provisions enacted in 2009: the American Opportunity Tax Credit and the expansion of the earned income credit and the child credit.
[/size]Also in the absence of such base broadening, TPC estimates that on a static basis, the Romney plan would lower federal tax liability by about $900 billion in calendar year 2015 compared with current law, roughly a 24 percent cut in total projected revenue. Relative to a current policy baseline, the reduction in liability would be about $480 billion in calendar year 2015.
[font=palatino, georgia, times, 'times new roman', serif][/size]http://taxpolicycenter.org/taxtopics/romney-plan.cfm[/font]
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[kentay]

Sorry, that IS NOT what the tax policy surmised:

TPC Removes the Veil from Romney Tax Plan: The Governor is not Amused
 
"The Emperor's New Clothes."



http://www.forbes.com/sites/leonardburman/2012/08/03/tpc-removes-the-veil-from-romney-tax-plan-the-governor-is-not-amused/

[Woody]

From TPC:

And:³ Compared with the current law baseline, the Romney plan (absent base broadening) would cut taxes for about three-fourths of taxpayers by an average of more than $7,000. In contrast, compared with current policy, about 11 percent of tax units would see their 2015 taxes go up an average of nearly $900 while 70 percent would get tax cuts averaging almost $4,300. The tax increases reflect the expiration of three provisions enacted in 2009: the American Opportunity Tax Credit and the expansion of the earned income credit and the child credit.

[kentay]

From TPC:

And:³ Compared with the current law baseline, the Romney plan (absent base broadening) would cut taxes for about three-fourths of taxpayers by an average of more than $7,000. In contrast, compared with current policy, about 11 percent of tax units would see their 2015 taxes go up an average of nearly $900 while 70 percent would get tax cuts averaging almost $4,300. The tax increases reflect the expiration of three provisions enacted in 2009: the American Opportunity Tax Credit and the expansion of the earned income credit and the child credit.

 

The Tax Policy Center (TPC) caused a kerfuffle on Wednesday when they released a study that However, the only tax breaks and loopholes large enough to offset the cost of the high-end tax cuts disproportionately benefit the middle class. Thus, their taxes would go up on balance.

http://www.forbes.com/sites/leonardburman/2012/08/03/tpc-removes-the-veil-from-romney-tax-plan-the-governor-is-not-amused/