You are viewing the NationofChange archives. For the latest news and actions, visit the new
Get Email Updates | Log In | Register

Romney Flips On His Own Tax Plan, Admits He’d Give Huge Tax Break To Top 1 Percent

Travis Waldron
Think Progress / Video Report
Published: Thursday 23 February 2012
“Upon unveiling the plan, Romney claimed that it would actually force the richest Americans to pay their fair share.”

Republican presidential candidate Mitt Romney released his latest tax reform plan today in Arizona and highlighted specifically the fact that it provided a 20-percent across-the-board cut in marginal tax rates for all Americans.

Upon unveiling the plan, Romney claimed that it would actually force the richest Americans to pay their fair share. Speaking of tax exemptions and deductions, Romney said, “For the high-income folks, we’re going to cut back on that, so that we make sure that the top 1 percent keeps paying the current share they’re paying or more.”

But when former Sen. Rick Santorum (R-PA) attacked Romney at the GOP debate tonight, Romney admitted that his tax plan contained a massive tax cut for the wealthiest Americans:

SANTORUM: Governor Romney even today suggested today raising taxes on the top 1 percent, adopting the Occupy Wall Street rhetoric. I’m not going to adopt that rhetoric. I’m going to represent 100 percent of Americans. We’re not raising taxes on anyone.

ROMNEY: Number one, I said that we’re going to cut taxes on everyone across the country by 20 percent, including the top 1 percent. So that’s number one.

According to analysis by Center for American Progress Tax and Budget Policy Director Michael Linden, Romney’s claims that his plan would raise taxes on the rich was false. His later claims, that it would provide a tax break to the rich, are indeed true.

Romney’s plan to give a 20-percent tax cut, lowering rates for the wealthiest Americans from 35 percent to 28 percent, and repeal the alternative minimum tax would, as Romney admitted tonight, provide a huge tax break to the richest Americans, at a cost four times higher than the Bush tax cuts. “The enormity of these tax cuts is mind-boggling,” Linden said. “Even more unbelievable is how skewed they are to those the very top of the income ladder.”

Author pic
ABOUT Travis Waldron

Travis Waldron is a reporter/blogger for at the Center for American Progress Action Fund. Travis grew up in Louisville, Kentucky, and holds a BA in journalism and political science from the University of Kentucky. Before coming to ThinkProgress, he worked as a press aide at the Health Information Center and as a staffer on Kentucky Attorney General Jack Conway’s 2010 Senate campaign. He also interned at National Journal’s Hotline and was a sports writer and political columnist at the Kentucky Kernel, the University of Kentucky’s daily student newspaper.

Comment with your Facebook account

Comment with your Disqus account

Top Stories

comments powered by Disqus

NationofChange works to educate, inform, and fight power with people, corruption with community.

If you would like to stay up to date with the best in independent, filter-free journalism, updates on upcoming events to attend, and more, enter your email below:

7 Compelling Reasons Why You Should Support NationofChange

Our readers often tell us why they’ve decided to step up and become supporters. Here are some of the top reasons people are giving.

1. You’re keeping independent journalism alive
The corporate owned media has proven that it can’t be trusted. In a media landscape wrought with spin and corruption, NationofChange stands in very scarce company.

2. You’re sticking it to the rich, powerful, and corrupt
When you have money in this country you can get away with damn near anything, and they do. NationofChange isn’t afraid to expose these criminals no matter how powerful they are.

3. Your donation is 100% tax-deductible
NationofChange is a 501(c)3 charity. People tend to assume that many other organizations are (most nonprofits are NOT) but it’s that 501(c)3 status is a bit more rare than you think.

Read the rest...