Tuesday, August 7, 2012

Romney Hood Defined

President Obama
"The entire centerpiece of Mitt Romney’s economic plan is a new $5 trillion tax cut. And we’ve known for a while that a lot of this tax cut would go to the wealthiest 1 percent of all households. But just last week, an independent, non-partisan organization crunched the numbers. They went through what would it mean to add a $5 trillion tax cut. Just to give you a sense of perspective here — our entire defense budget is about — it’s over $500 billion a year, but it’s less than $600 billion. So you’re talking about each year, a tax cut that’s equivalent of our defense budget for the next 10 years. And what this policy center did was — it just ran the numbers — if you wanted to actually pay for that, what would that mean. And they determined that Governor Romney’s plan would effectively raise taxes on middle-class families with children by an average of $2,000 — to pay for this tax cut. Not to reduce the deficit. Not to invest in things that grow our economy, like education or roads or basic research. He’d ask the middle class to pay more in taxes so that he could give another $250,000 tax cut to people making more than $3 million a year. It’s like Robin Hood in reverse. It’s Romney Hood. And if this sounds like an idea that’s difficult to explain or sell to the American people, you’d be right! So there were all kinds of different gymnastics being performed by the Romney campaign last week. They have tried to sell us this trickle-down, tax cut fairy dust before. And guess what — it does not work. It didn’t work then; it won’t work now. It’s not a plan to create jobs. It’s not a plan to reduce our deficit. And it is not a plan to move our economy forward."
 As President of the US, one of Mitt Romney's first acts would be to give himself a big raise, by lowering his tax rate and the tax rate of his millionaire friends.  To pay for that big millionaire tax cut millions of middle class Americans will see their taxes go up; that is Romney Hood.  This is trickle down economics, which is suppose to create a huge economic boom for America, like the incredible economic boom the US wealthy saw after the Bush Tax cuts were instituted.  
credit: Media Matters

The full independent analysis of Romney's tax plan by the Tax Policy Center, Urban Institute and Brookings Institution (PDF)
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