The Romney tax plan, in one chart

August 1, 2012

A while back, Ezra posted a chart detailing the differences between the Romney and Obama tax plans, while emphasizing how small the sliver of the population that got big cuts from Romney (and big hikes from Obama) is. But there are new estimates, detailed earlier Wednesday, from William Gale and Adam Looney of the Tax Policy Center of the Romney plan's impact if it's paid for with cuts to tax breaks, and if it's not. So I thought I'd apply the same charting approach to the new figures:


Data: Tax Policy Center

The blue bars indicate how the plan would affect after-tax income if the rate cuts are paid for with tax break cuts, and the red bars show its effects without making up the lost revenue. The top 0.1 percent see incomes that are 8.6 percent higher without paying for the rate cuts, and 4.4 percent higher if they're fully financed. Meanwhile, the bottom 95 percent of taxpayers see incomes fall by 1.1 percent if the rate cuts are paid for by cutting tax breaks.

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