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Wed Aug 1, 2012, 06:48 PM

 

Study: Romney tax plan would shift burden toward poor

By Charles Riley
CNN Money
August 1, 2012

NEW YORK (CNNMoney) -- Mitt Romney's tax plan would provide large tax cuts to the very wealthy, while increasing the tax burden on the lower and middle classes, according to a study released Wednesday.

The report -- produced by researchers at the Urban-Brookings Tax Policy Center --illustrates just how difficult it would be to recoup government revenue lost under Romney's plan.

The presumptive Republican presidential nominee's tax plan calls for 20% cuts to today's Bush-era income tax rates. He would also eliminate the Alternative Minimum Tax.

Those tax cuts would lead to a sharp decline in government revenue. Yet Romney insists he will make up the difference in-part by limiting deductions, exemptions and credits currently available to top-level income earners.

More: http://money.cnn.com/2012/08/01/news/economy/romney-tax-plan/index.htm

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