Romney Tax Plan Would Increase Deficit $180 Billion
Mitt Romney’s tax plan would increase the deficit by $180 billion according to a new analysis from the Tax Policy Center. While Romney has often attacked President Obama and Democrats for increasing the deficit, his plan would tack on $180 billion while giving benefits to the most wealthy.
Romney proposes to cut tax incentives targeted at middle and low income Americans, including the child tax credit. At the same time he would cut taxes on capital gains and dividends while repealing the estate tax — this would disproportionately affect the wealthy.
Romney’s proposal would also cut taxes for megacorporations, including the banks that were bailed out by the Bush administration and were at the root of the recent global economic crisis.
One beneficiary of his economic proposals would be Romney himself. The former governor is reportedly worth over $250 million and is one of the wealthiest men to ever run for the presidency.
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