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Jonathan Cohn offers a close look at the candidates’ tax plans
Attention middle-class Americans: One of the men running for president wants to raise your taxes. And it’s not the guy who has the job already.
For some time, Mitt Romney has been promising to reduce income tax rates and then pay for these cuts by closing loopholes. But he’s never specified which loopholes he’d close and now we know why. A new analysis from the Brookings Institution (and first reported byLori Montgomery in the Washington Post) suggests that, in order to lower tax rates without increasing the deficit, Romney would have to close loopholes that benefit middle-class Americans as well as the wealthy. The end result, if I’m reading the report correctly, would be lower taxes for the wealthiest 5 percent of Americans but higher taxes on everybody else. (See the graph below, which Steve Benen of Maddowblog constructed based on the report’s findings.)
Jonathan Cohn — “Sure, Mitt Romney Will Lower Your Taxes—If You’re Part of the Richest Five Percent”
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