As Mitt Romney’s chances of winning the Republican nomination to become their candidate to beat Obama, it seems only fitting to take a look at his plans for the country if he should indeed become president.
More Savings and Investing
In September Romney released a 160-page document showcasing his “plan for jobs and economic growth.” There are some basically good ideas within, such as encouraging more savings and investments among Americans. One of his suggestions is to build the US’s position in the world as a major technological force.
The plan also includes increasing the tax burden on America’s poorest 125 million citizens, while cutting taxes for the richest Americans.
Tax Cuts for All, with a Twist
Romney’s intention is to make permanent the tax cuts which former President George Bush initiated, which reduced taxes for almost everyone who paid income taxes. But that is just the beginning.
Romney is also seeking to reduce benefits from the child tax credit and the earned income tax credit as well as ending the American Opportunity tax credit for college tuition, which, on average will cost the poorest fifth of taxpayers an additional $157 in 2015, as compared to the current tax policy. This means that the poorest families, who have either children at home or children in college, will pay more.
Poorest Pay More
The Tax Policy Center, whose previous analysis has been praised by both Democrats and Republicans, analyzed Romney’s tax plan to come up with the figure of $157. They also believe that the second poorest group will pay $82 more, on average.
Richest Pay Less
Americans on the higher end of the spectrum will pay fewer taxes, however. According to the Tax Policy Center the top 60 percent of America’s taxpayers will pay less, while the top tenth of one percent would save, on average $464,000.
There are several more changes in the tax policy which will affect not just America’s richest, but the middle class as well. For a thorough examination of the plan go to Romney’s tax policy statement itself.