It's been a long hard day but as the election draws closer, I was wondering why Mitt doesn't reveal his tax plan? Come on Mitt spell it out!
How would Mitts tax plan effect the working person, the bus driver, cop, teacher, factory worker? Mitt hasn't told us because, you get the picture.
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Read Mitt's tax promise from Fact Check. Org
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According to CNN Money 8-2-12
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According to a study released Wednesday by the Urban-Brookings Tax Policy Center, Romney's plan would provide large tax cuts to the very wealthy, while increasing the tax burden on the lower and middle classes.
Romney's tax cuts would produce a $360 billion revenue loss in 2015, and offsetting that would require a reduction of 65% of all available tax expenditures, according to the study.
The end result is that individuals who make less than $200,000 would actually have to pay $500 more, on average, in taxes -- a 1.2% decrease in after-tax income. Meanwhile, the after-tax income of individuals who make more than $1 million would increase by 4.1%.
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Comments: 6
Reducing and stabilizing federal spending is essential, but breathing life into the present anemic recovery will also require fixing the nation’s tax code to focus on jobs and growth. To repair the nation’s tax code, marginal rates must be brought down to stimulate entrepreneurship, job creation, and investment, while still raising the revenue needed to fund a smaller, smarter, simpler government. The principle of fairness must be preserved in federal tax and spending policy.
Individual Taxes
America’s individual tax code applies relatively high marginal tax rates on a narrow tax base. Those high rates discourage work and entrepreneurship, as well as savings and investment. With 54 percent of private sector workers employed outside of corporations, individual rates also define the incentives for job-creating businesses. Lower marginal tax rates secure for all Americans the economic gains from tax reform.
Make permanent, across-the-board 20 percent cut in marginal rates
Maintain current tax rates on interest, dividends, and capital gains
Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
Eliminate the Death Tax
Repeal the Alternative Minimum Tax (AMT)
Corporate Taxes
The U.S. economy’s 35 percent corporate tax rate is among the highest in the industrial world, reducing the ability of our nation’s businesses to compete in the global economy and to invest and create jobs at home. By limiting investment and growth, the high rate of corporate tax also hurts U.S. wages.
Cut the corporate rate to 25 percent
Strengthen and make permanent the R&D tax credit
Switch to a territorial tax system
Repeal the corporate Alternative Minimum Tax (AMT)
Romney’s Impossible Tax Promise
Experts say he can't cut rates without losing revenue or favoring the wealthy.
I'll believe the facts Brian, and we see that when taxes are raised, federal revenues flatten and where in the case of Kennedy, Reagan and Bush 2, cutting taxes cause revenues to climb, that is why most economists suggest cutting the capital gains tax as a long term economy booster......That would be that trickle down thing.
Tax experts — including one who supports Romney’s plan — say the Republican presidential candidate’s promise to cut individual income tax rates without either favoring the wealthy or losing revenue isn’t mathematically possible.
That’s the conclusion of the Tax Policy Center in a report the Romney campaign attacked as “biased” (although the campaign previously praised the TPC as “objective,” when it issued a report critical of a rival’s tax plan).