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Tuesday, August 7, 2012

MIDDLE CLASS FEDERAL TAXES HAVE GONE DOWN WITH OBAMA - REPUBLICANS PLAN TO RAISE THEM WTIHOUT SAYING SO

Like Romneys tax plan house republican tax reform would mean a major middle class tax increase

Know What Your Candidate and/or U.S. Senator and Representatives want to do

In 2011, the state of Rhode Island lost all itemized deductions, including local property taxes, mortgage interest, medical expenses, donations.  This amounts to a tax increase.  It is NOT said to be a tax increase.  But that is what it is in reality.  My RI income tax in 2011 went up 40% though I had less income than the year before.  Home owners, middle income tax payers, real estate agents, brokers, home builders and home sellers all suffer from this. In the end, it hurts the economy.   In RI, our tax tables were simultaneously changed to allow the rich to pay less and the low and middle class to pay more. Ryan’s tax reform bill, which Romney has said he is for – want these very same things for all – so what Rhode Islanders have in our state now is coming to everyone on the federal tax form 1040.  ALEC and the Koch brothers are supportive of this.  If you don’t want this to happen, being a silent bystander won’t serve you well. A vote for taxes to be higher would come more likely from Republicans than Democrats for low and middle income tax payers.  This is because they refuse to raise any tiny bit for the rich.  The Republicans aren't telling you that the Republican tax reform means this, because they are counting on our ignorance, our lack of getting involved enough to go behind what their words say and read their tax reform bill.  Being knowledgeable is in your best interest.

 Paul Ryan and Mitt Romney

Like Romney’s Tax Plan, House Republican ‘Tax Reform’ Would Mean A Major Middle-Class Tax Increase

By Seth Hanlon, Director of Fiscal Reform at the Center for American Progress Action Fund.

August 2, 2012 at 3:30 pm

The House of Representatives will likely vote today to establish a fast-track process for enacting the tax plan outlined in the House Republican budget, which was authored by Budget Committee Chairman Paul Ryan (R-WI). Ryan’s tax reform plan would guarantee massive tax cuts for the wealthy and for corporations, while purporting to hold revenues constant. Therefore, the only way it adds up is with a major middle-class tax increase.

The “tax reform” that Ryan and House Ways and Means Chairman Dave Camp (R-MI) will try to fast-track through the House is almost the same as presidential candidate Mitt Romney’s tax plan. It slashes tax rates paid by the highest-income Americans and corporations, while protecting the tax preferences for investment income that result in people like Romney paying a lower tax rate than many in the middle-class.

It also gives millionaires a tax cut of a quarter of a million dollars. It cuts corporate taxes by more than $1 trillion and gives them new incentives for offshoring jobs. And it purports to be “revenue-neutral” — which means that the middle-class is left to meet the cost of rich people’s tax cuts.

As a study from the nonpartisan Tax Policy Center revealed yesterday, Romney’s plan would raise taxes on middle-class families with children by an average of $2,000 and raise taxes on all taxpayers with incomes under $200,000 by an average of $500. (Those estimates are conservative: In filling in missing details, TPC bent over backwards to make Romney’s plan as kind to the middle class as possible, given the hard promises he has made on tax cuts for the rich and corporations.)

A middle-class tax increase is inevitable under Romney’s plan because it’s impossible to pay for Romney’s tax cuts for the rich by reducing their tax breaks. As a result, the TPC study finds, Romney’s plan “mathematically necessitates a shift in the tax burden of at least $86 billion away from high-income taxpayers onto lower- and middle-income taxpayers.”
Ryan and his Republican colleagues use the same sleights of hand that Romney used in trying to hide their middle-class tax hike, including refusing to disclose any information about fundamental elements of their plan like what tax benefits would be eliminated. But the math doesn’t lie: Any tax plan that purports to hold revenues steady while massively cutting taxes for the rich must make up the lost revenue by raising taxes on people who are not rich.

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