NEW YORK (CNNMoney) -- Mitt Romney's new tax plan would mean lower taxes for most Americans. But some would benefit more than others.
According to a new analysis from the Tax Policy Center, wealthy Americans would see their taxes fall precipitously under Mitt Romney's new plan -- which scraps the Alternative Minimum Tax and cuts marginal tax rates by 20%.
Assuming the Bush tax cuts are extended, the Romney plan would give the top 1% of earners an average tax cut of $150,000, a 7.8% reduction in their average federal tax rate, according to the Tax Policy Center.
Americans in the middle 20% of income-earners would get an average tax cut of $810, a 1.4% tax rate reduction.
Those making $1 million or more would receive an average tax cut of $250,000, an 8.1% tax rate reduction, while the average American would get $2,800, a 3.5% rate drop.
The plan would also add to the deficit -- $480 billion in calendar year 2015 alone, according to the study.