According to the new analysis of Mitt Romney's tax plan from Brookings and the Tax Policy Center, here's one way of thinking about what his proposal would mean for the wealthiest Americans:
Specifically, it would be a tax hike for everybody making less than $40,000
, and the lower your income, the bigger a percentage of it would go to paying for the Romney tax hike.
Everybody else would get a tax cut, but unless you make more than $100,000, the tax cut would be quite modest, ranging from as little as $27 to as much as $490. That's not nothing, but for those making more than $1 million, the Romney tax cut would average $145,568.
But the numbers that struck me most were these: on average, every American would receive a $1,064 tax cut. But the top 1% would receive on average an $82,188 tax cut and the top 0.1% would receive a $464,005 tax cut. Do a little math and you'll see that 77% of Mitt Romney's tax cut would go to the top 1%—and 44% would go to the top 0.1%.
Oh, and that's not all—the tax cut would also add to the deficit. Cut taxes on the wealthy to explode the debt. Republinomics, perfected.