Tax Policy Center of the Brookings Institution and Urban Institute on Governor Romney's Tax Plan

from the study On the Distributional Effects of Base-Broadening Income Tax Reform

To figure your new after-tax income under Governor Romney's Tax Plan, find your bracket. For example, if you have after-tax income less then $200,000 per year, you're in column 1. Then multiply your current after-tax income by the percentage in your column. For example if you're in column 1, you multiply your current after-tax income by -1.2% -- yes, that's right: your after-tax income is going to go down meaning your taxes are going UP. The only way your taxes go down under the Romney plan is if your current after-tax income is greater than $200,000 per year - and then the more you make the more your tax reduction.

Do you Really want to pay more taxes so a millionaire can get a $41,000 tax cut?!?

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