Pic Of The Moment: The Romney Tax Plan In One Chart

...our calibration of the upper limit suggests that even by eliminating tax expenditures ‘starting at the top’—where we combine the proposed rate cuts with complete elimination of tax expenditures for taxpayers with income over $200,000—after-tax income would still increase by 4.1 percent among taxpayers with income over $1,000,000 and 0.8 percent for taxpayers earning between $200,000 to $500,000. (That translates to a tax decrease of $87,000 and $1,800 for those two groups.) However, on average, after-tax income for taxpayers earning less than $200,000 would need to decrease by 1.2 percent, an effective tax increase of $500 per household.