Those of us in the middle and working classes will see our taxes raised big time if Mitt Romney is elected president, according to a new report released today by the Center for America Progress at a day-long event examining Romney’s proposals. Romney is proposing a set of so-called tax reforms that would increase taxes for 18 million working families, meaning an average income couple with two kids would pay $850 per year more in taxes.
In sharp contrast, Romney would gain $4.5 million in tax cuts in just the first year, and rake in more than $100 million in tax breaks over his lifetime. (click chart at left to expand).
Romney’s economic plan is “based on an economic theology that has been disproven,” said Michael Ettlinger, vice president for Economic Policy at the Center for American Progress Action Fund.
His plan is [George W.] Bush on LSD…It’s going to be a very bad trip for the country.
Romney’s 59-point “jobs plan” in reality includes six proposals that would directly eliminate jobs from the U.S. economy, according to the report, “The Romney Economic Agenda and Its Effect on the Middle Class and Growth.”
In total, by a conservative tally, Gov. Romney’s 59-point plan would actually cost the economy about 360,000 jobs in 2013 alone.
The report further notes:
Gov. Romney himself admitted that cuts to public services and investments on the scale he has proposed as job-creating policies could cause an economic “recession or depression.” Even assuming a gradual phase-in, the expenditure and public-service worker cuts can be expected to cost nearly 450,000 jobs in 2013.
Three of his proposals would create tax incentives that encourage corporations to ship jobs overseas. His “territorial tax” would eliminate taxes on profits corporations make during foreign operations—and would encourage even more corporations to move jobs offshore, said former Ohio Gov. Ted Strickland, who keynoted the event.
In creating a “tax free zone” for offshore profits, Strickland said, Romney would handsomely reward his billionaire campaign funder, Shel Adelson, who would “see tremendous return on his overseas investment.”
Strickland also pointed out, although Romney takes credit for “saving” the Salt Lake City Olympics, the U.S. people actually bailed out the event through their taxpayer dollars. In fact, Romney boasted about how he asked the federal government for money for the Olympics. Referring to Romney’s 2008 declaration to “let Detroit go bankrupt” rather than providing federal aid to the Big Three automakers, Strickland said:
Why is it okay for the federal government to rescue the Olympics but not the auto industry?
The Center for American Progress report also points out:
- Romney wants to end Medicare as we know it.
- Romney would slash Social Security and cut other programs that benefit the middle class.
- Romney supports state “right-to-work” laws—which make it illegal for workers and employers to negotiate a contract requiring everyone who benefits from a union contract to pay their fair share of the costs of administering it—as well as federal legislation to do so.
- Romney’s economic plan would eliminate government powers to penalize companies that retaliate against workers seeking a union and preventing employers from nullifying union elections through majority sign-up processes or efficient campaigns that last less than one month.
- Romney’s tax plan is much more fiscally irresponsible than President Bush’s policies, costing an additional $4.9 trillion over 10 years on top of the cost of the Bush tax cuts.
Former Steelworkers National Political Director Chuck Rocha, who spoke during the event this morning, said what’s at risk this election is
the concept of America and the American dream. The concept that we can all do well if we work hard and play by the rules.
A Romney White House would ensure only the 1% see that dream fulfilled.