Romney’s Economic Plan Includes $6.6 Trillion Tax Cut For The Rich And Corporations - ThinkProgress

[Bill USA]

http://thinkprogress.org/economy/2011/09/07/313068/romneys-tax-plan-cost-6-6-trillion/

– Extend all the Bush tax cuts: While everyone got a tax cut from President Bush, the extremely wealthy got the lion’s share of the benefit. In 2010, fully half of the entire benefit from all of the Bush tax cuts flowed to the richest 5 percent of Americans. Extending them all (plus indexing the Alternative Minimum Tax to inflation) will cost nearly $4 trillion, not including interest costs.

– Eliminate capital gains taxes for middle income households: Capital gains tax rates are already extraordinarily low, but middle class Americans don’t enjoy much benefit from that. According to the Tax Policy Center, 67 percent of the entire benefit from lower capital gains tax rates goes to millionaires. Romney’s proposal won’t cost much because it won’t benefit many people.

– Cut corporate taxes: Romney’s proposal to cut the corporate rate by about a third would cost more than $900 billion. Needless to say, this cut would benefit mainly the very rich and corporations.

– Eliminate estate taxes: Right now, only the very biggest, richest fraction of a percent of all estates pay any tax at all. Eliminating even this paltry amount would cost about $175 billion, and would, of course, only benefit a few extremely wealthy heirs and heiresses.

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This is more of the Trickle Down Bullshit that created the Trickle Down - Deregulation Disaster of 2008.

Drain the middle class of buying power and you find businesses aren't making enough to hire additional workers or create new jobs. Businesses don't need additional investment. They are sitting on about $2 Trillion in cash. THEY NEED CUSTOMERS! THAT'S WHY THEY AREN'T HIRING ANYBODY. THEY DON'T HAVE ENOUGH PAYING CUSTOMERS.

[blkmusclmachine]

1. Tax cuts to the ultra wealthy:

balanced on the backs of the working poor (formerly known as the Middle Class.)