Tuesday, October 02, 2012

You lie! Romney's plan is not a tax hike on the middle class

The Democrats are claiming that Mitt Romney's tax plan is a tax hike on the middle class.

They're lying.

From the American Enterprise Institute:
What Is Actually Included in Romney's Tax Plan

In order to objectively assess the claims made by the critics, let’s begin by looking closely at the key components of Romney’s proposal:
  • Reduce statutory income tax rates 20 percent, from 10, 15, 25, 28, 33, and 35 percent to 8, 12, 20, 22.4, and 28 percent.
  • Reduce the corporate tax rate from 35 percent to 25 percent.
  • Repeal the Alternative Minimum Tax for individuals and corporations.
  • Repeal the estate tax.
  • Eliminate, curtail, and reform numerous special provisions in the tax code—the credits, deductions, and exclusions that cause complexity, compliance problems, distortions, and inefficiencies.
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