Study: Romney Plan Increases Taxes On 95% Of Americans

Mitt Romney has been on the defensive today over a new study that found his tax plan would most likely increase taxes on the middle class in order to pay for a hefty tax cut for the wealthiest Americans. The study (pdf) by the nonpartisan Tax Policy Center scrutinizes Romney’s plan to pay for a variety of tax cuts by closing tax loopholes. It concludes that under the most progressive approach possible, Romney’s plan would give an $87,000 tax cut to people making more than $1 million a year but require 95 percent of Americans to pay more taxes—on average, $500 more per year.

“He’s asking you to pay more so that people like him can get a big tax cut,” Obama said from the campaign trail in Ohio today.

Romney has pushed back against the study, claiming that the Tax Policy Center (a wing of the Brookings Institution) is a “liberal” group. But as ThinkProgress points out, Romney praised the Tax Policy Center’s analysis of Gov. Rick Perry’s tax plan during the GOP primaries, calling it an “objective, third-party analysis.”

Here’s TPC’s chart illustrating who will win and lose from Romney’s tax plan:

Tax Policy Center and Brookings InstitutionTax Policy Center and Brookings Institution

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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