Wondering what a Mitt Romney tax plan actually would do if implemented?
Confused at all the political jargon being tossed back and forth: will it add $5 trillion to the national debt; cut taxes for the rich and raise taxes on the middle class?
Wonder no more.
According to a study done in August by the Tax Policy Center, a nonprofit organization in Washington that studies and produces detailed tax analyses, Romney’s tax plan, bottom line, would cut taxes for the rich and raise taxes for all other taxpayers. The 10-year-0ld organization, which is well respected, found that if elected president, Romney would be unable to fulfill all of the promises he has made on individual tax reform including cutting marginal tax rates by 20 percent, keeping protections for investment income, not widening the deficit and not increasing the tax burden on the poor or middle class.
Despite a flurry of attacks by the Romney campaign, the director of the center, Donald Marron, who also is a former Bush administration economist, said the organization did exactly what it was supposed to do: put real numbers into the plan.
The center prides itself on being non-partisan with a staff that includes scholars, well-respected economists as well as people who have had experience in Republican and Democratic administrations. Its ownership is a highly sophisticated tax modeling system, which took about two years to build and has a small group of specialists to tend it. The model resembles those used by government offices to forecast the effect of changes to the tax code, and it relies on about 150,000 anonymous tax returns and a wealth of data on pensions, education, consumer expenditures and economic growth.
The analyses shows how tax code changes would alter the taxes for high-income and low-income families.
And those changes would benefit the rich, according to the study.
To read the full article by the New York Times, click here.