August 1, 2012 2:02 PM PrintText
Study: Romney tax plan helps rich, hurts poor
(CBS News) President Obama is seizing on a study out Wednesday to support his argument that Mitt Romney is focused on boosting the rich at the expense of the middle class.
The study from the Tax Policy Center looks at the impact of Romney's tax plan, which he promises will be revenue neutral. Romney has vowed to cut tax rates by 20 percent across the board, repeal the estate tax and get rid of taxes in investment income for those making up $200,000. He says the reduction these tax cuts will have on tax revenue will be offset in part by eliminating deductions and loopholes, though he has refused to say what deductions and loopholes he would eliminate.
The Tax Policy Center - a joint project of the Brookings Institution and the Urban Institute - found that if Romney wants his plan to be revenue neutral, it will result in "large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers."
They found that would be the case no matter how he ultimately structures the plan. In fact, the group operated on the assumption that Romney would first eliminate deductions and loopholes for the wealthiest Americans.
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