As if the 10-year-long wholesale theft of wealth from the middle class to the
parasite class financial services sector weren't insult enough, it turns out Mitt Romney's tax plan would injure us even more:
The study was conducted by researchers at the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute, who seem to bend over backward to be fair to the Republican presidential candidate.
His rate-cutting plan for individuals would reduce tax collections by about $360 billion in 2015, the study says. To avoid increasing deficits — as Romney has pledged — the plan would have to generate an equivalent amount of revenue by slashing tax breaks for mortgage interest, employer-provided health care, education, medical expenses, state and local taxes, and child care — all breaks that benefit the middle class.
“It is not mathematically possible to design a revenue-neutral plan that preserves current incentives for savings and investment and that does not result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers,” the study concludes.
Krugman is livid:
And the Romney people respond with deep voodoo, invoking the supposed fabulous growth effects from his tax cuts. And who could argue? Remember how the economy tanked after Clinton raised taxes? Remember how great things were after Bush cut them? Oh, wait.
More seriously, we have lots of empirical work on the effects of tax changes at the top — and none of it supports the Romney camp’s claims. What we’ve just learned is that they were faking it all along. There is no plan to offset the tax cuts; Romney is just intending to blow up the deficit to lavish favors on the wealthy, then use it as an excuse to savage Social Security and Medicare.
The election, which is just 95 days away, really is a referendum on wealth inequality. Voting for Romney is voting for feudalism. Voting for the president at least keeps the middle class fingers in the dam. (And what an image that is...)