Romney's tax plan only benefits wealthy

A recent bipartisan analysis of Mitt Romney's tax plan, which, according to The Post, seems to "bend over backward to be fair to the Republican presidential candidate," concludes that the plan will cut taxes for the top 5 percent of taxpayers and raise everyone else's. Millionaires would get an $87,000 tax cut, while all other taxpayers would see their taxes rise by $500. The reason for the disparity is that in order to keep his tax plan from raising the deficit, Romney has to eliminate middle-class deductions for mortgages, medical and child-care expenses, and state and local taxes. Sounds like class warfare. The analysis was conducted by the Urban Institute-Brookings Institution Tax Policy Center and can be found here:

The Obama campaign now has more fodder with which to paint Romney as someone whose policies match its narrative of him as a predatory capitalist. The plan also plays nicely with the unresolved issue of his unreleased tax returns.

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