Romney Tax Plan Helps Rich Most: Tax Group [View all]
Romney tax plan helps rich most: tax group
WASHINGTON | Wed Aug 1, 2012 9:05am EDT
By Kim Dixon
WASHINGTON (Reuters) - Republican U.S. presidential challenger Mitt Romney's proposal to slash individual income taxes by 20 percent across-the-board would primarily boost the income of the wealthiest taxpayers, according to a nonpartisan analysis released on Wednesday.
The report by the centrist Tax Policy Center found that Romney's tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000.
Tax policy and how to tame the U.S. government's budget deficit, topping $1 trillion in recent years, is a major point of contrast in the presidential race, in which Romney will face President Barack Obama on November 6.
Romney, a multi-millionaire who made his fortune at private equity firm Bain Capital, has not spelled out how he would lower marginal tax rates. But he has said broadly he would cut some tax benefits for the wealthy.