Washington Post’s Ezra Klein pointed out yesterday that the difference between Mitt Romney and President Obama’s tax plans is pretty stark.
Romney’s plan is a large tax cut for the top 60 percent, a huge tax cut for the top few percent, and a significant tax increase for the bottom few percent, as he permits a few temporary tax breaks that benefit low-income folks to expire. Obama’s plan keeps the current tax rates for almost everyone but the top few percent, who face a very large tax increase.
Romney and other conservatives howl and whine that millionaires and billionaires—who they refer to as “job creators”—will be strapped and unable “to create jobs” if these overly generous tax breaks are allowed to expire. However, a decade of these Bush tax cuts performed poorly at creating jobs and growing the economy.
Interestingly enough, Romney thinks Social Security, Medicare and other programs that help working families should be cut to reduce the deficit. Allowing Bush tax cuts to expire for the wealthiest Americans—a plan President Obama supports—would save $80 billion in 2013 alone.
According to the Center on Budget and Policy Priorities, the Bush Tax cuts and the recession are the major drivers our deficit—not middle class programs.
In our Meet Mr. 1% infographic titled “Helping the 1%,” you can see Romney’s tax plan would give millionaires an average tax savings of $250,535 and middle class taxpayers $810. His tax plan is designed to make the 1% even wealthier by making Bush tax cuts for higher-income earners permanent and lowering corporate, estate and capital gains taxes.