Romney Admits Middle Class will face higher taxes
Republican presidential nominee Mitt Romney appeared on 60 Minutes Sunday evening and said he wanted to maintain the current progressivity in the tax code. He said no tax reduction should be made for those making higher incomes. Even Romney admits that his current tax plan will create a tax increase for people he considers middle income earners and less taxes on those he defines as high income earners.
The former Massachusetts governor’s plan will cut current rates by 20%. That means trillions of dollars would be cut and a big tax cut would be enjoyed by the rich.
However, Romney has promised his cut in taxes would not cost anything, would not increase taxes for the middle class, would not lower taxes for the rich and would not end the investment and savings’ tax breaks.
A nonpartisan tax group, the Tax Policy Center studied Romney’s proposals and declared them mathematically impossible. For some time, the Romney presidential campaign did not have a response to the Tax Policy Center’s remarks. They said they did not believe the Center and called them biased, even though a top economist for George Bush runs the Center.
Then a number of conservative economists began providing their own opinions on the tax plan for Romney and showed that if some highly questionable assumptions were made, then it might be possible to make the math from Romney’s plan add up. Romney feels his plan works and will not increase taxes on the middle class because he calls the middle class those who earn over $200,000, while most would consider middle class those who earn up to $100,000.