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View Diary: Yes Mr. Romney, That is a Tax Cut for the 5% (52 comments)

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  •  It's Actually Worse Than This (2+ / 0-)
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    Scientician, Matt Z

    This is a great post, but there are a few other deceptions in what Romney said.

    The share of the income flowing to the top 5% increases each year. So, you can cut their income tax each year a bit and maintain their share of the tax burden.

    And Romney doesn't really care about the peons in the second through fifth percentiles. They're actually the big losers. So, he can increase their taxes, or perhaps hold them steady, while giving a big cut to those in the top 1%, and still live up to his pledge.

    And remember, if deductions are going away, it's those at the top who have ordinary income who benefit the most. The folks in say the fifth percentile will see their taxable incomes cross the bracket thresholds, which will offset the 20% rate cut in each bracket. Those who already are in the top bracket will not be pushed into a higher bracket by the loss of deductions.

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