Friday, October 5, 2012

Digging for Gold in Romney's Tax Plan

And guess who gets all that gold?
This looks like a pretty standard tax reform — cut rates and preferences, blah, blah, blah — but look again. Romney only cuts preferences in the second step. The first step is not paid for. This is not a mistake; this is the plan. At least according to his advisers. Setting aside one-time costs like the repatriation tax holiday, the Tax Policy Center figures Romney’s initial rate cut would reduce revenues by $96 billion in 2015 alone — or nearly a trillion dollars over a decade. Who are the lucky flesh and blood people who would benefit from this 13-digit tax cut? That’s a tricky question to answer, but the latest figures from the Tax Policy Center estimate that 53 percent of the corporate income tax falls on the top 1 percent. In other words, this $96 billion corporate tax cut would be a $51 billion tax cut for the top 1 percent. That’s good for an average cut of $43,440 for each household in the top 1 percent, going by these 2015 Tax Policy Center distributional tables.
Of course that is how "trickle-down" economics is supposed to "work."  Give the money to the rich and then... magic... and we get jobs!  Voila!  I'm just amazed that anyone in the 99% would actually vote for this shit.

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