The more "safe" and "electable" Republican front-runner Mitt Romney unveiled his new tax plan yesterday, and --surprise, surprise-- those at the top end of the scale would see a dramatic cut to their taxes while those at the bottom who can barely afford to eat will see a tax increase.
ThinkProgress has more.
A sizable number of low-income families would see their taxes go up. For instance, about 15 percent of those in the $10,000 to $20,000 income group would get an average tax cut of about $140, but 20 percent would get hit with an average tax increase of $1,000, mostly because Romney would bring back the less generous versions of those refundable credits.
About one-third of those in $40,000 to $50,000 group would get a tax cut that would average about $400, but about one-six would face a tax increase of nearly twice as much.
Almost every millionaire would get a tax cut averaging roughly $150,000. As a group, those making $1 million or more would receive nearly half the benefit of Romney’s tax plan.
And Romney’s proposal only gets more lucrative for those at the very top of the income scale, giving those in the richest 0.1 percent an annual tax cut of nearly half a million dollars. In 2015 alone, the plan would add $600 billion to the deficit.
Needless to say if Mitt Romney's tax plan, or the tax plan of any other candidate in the race, were to be implemented, the federal deficit would explode.
Why do the Republicans love huge deficits?