As if the Bush tax cuts weren't damaging enough to the economy and the deficit, Willard Romney plan to double down.
The Tax Policy Center has released a report on the effects of Romney's proposed tax cuts, and if you can't guess what they determined, you haven't been paying attention. From the abstract for the paper, here's their conclusion:
Our major conclusion is that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would provide large tax cuts to high income households, and increase the tax burdens on middle- and/or lower income taxpayers.
More specifically, researchers found that the cost of providing the tax rate Romney wants for the richest 5% would be roughly $86 billion per year. By the way, this would essentially double the cost of the Bush tax cuts for the same folks. In order to become revenue neutral, which Romney claims would have to happen, that means the bottom 95% of income earners would have to cough up another $86 billion every year.
You don't have to read the entire report to get the impact of the proposed Romney tax cuts. Just check out the chart on page 13. After Romney's tax plan has taken hold, those who make upwards of $1 million per year will see their after-tax income rise 4.1%, while those making less than $200,000 will see a DECREASE in after-tax income.