Romneys Tax Plan finally reviewed

[scootrd]

http://www.businessweek.com/news/2012-01-10/romney-tax-plan-adds-600-billion-to-deficit-analysis-says.html

http://www.washingtonpost.com/blogs/plum-line/post/romney-plan-would-cut-taxes-on-top-01-percent-by-nearly-half-a-million-dollars/2012/01/05/gIQA8BWGdP_blog.html

Romney's Tax Plan
Good for the wealthy, not so good for everybody else

The Tax Policy Center (TPC) is a non-partisan joint venture of the Urban Institute and the Brookings Institute. Based in Washington DC, it aims to provide independent analyses of current and longer-term tax issues and to communicate its analyses to the public and to policymakers in a timely and accessible manner. The Tax Policy Center has done an analysis of Romney's plan for US taxation. It doesn't look bad if your wealthy. It also adds at least $600 billion to the U.S. deficit by 2015.  Based on TCC analysis Romney's proposed tax reform does the following -

• reduces the statutory corporate tax rate from 35% to 25% immediately (apparently with no need for offsets).  Since most corporations that actually pay any federal corporate income tax already pay effective tax rates as low as 0% and typically less than 25%, this can be expected to reduce those payments even more.

• eliminates the US system of taxation of worldwide income in favor of a "territorial" tax system.  this will be especially beneficial for multinational corporations and their owners and managers, and will tend to speed up the off-shoring of US manufacturing and service jobs.  A boon for the wealthiest, but a real U.S job eliminator.

• reduces the maximum individual rate from 35% to 25% immediately (apparently with no need for offsets).  This will benefit the wealthiest of the wealthy, who already enjoy a very compressed income bracket progression.

• Eliminates the estate tax.  This will benefit the wealthiest of the wealthy, who are the only ones who pay the estate tax now.

• Retains the 15% rate for capital gains.  This will benefit the wealthy, since the top of the income distribution owns most of the financial assets.

• Eliminates the capital gains tax for those with income of $200,000 or below.  This is one item that will benefit a few ordinary Americans, though even here it will provide minimal tax savings for the majority of us and more for those in the $100,000 - 200,000 income tax bracket range.

So,

 Only one thing in Romney's overall tax plan can help the majority of taxpayers who earn below $100,000 in annual income .  Under his proposed plan Americans with $20,000 or less in annual income, would see a tax increase by 60% while the wealthiest taxpayers making $1 million or more will see a 15% cut in taxes.
Are these conservative values? Really?