Our guest blogger is Michael Linden, Director of Tax and Budget Policy at the Center for American Progress Action Fund.
Tax cuts for the rich are unpopular, unaffordable and have repeatedly failed to deliver any measurable economic benefits to the rest of the country. So it’s no wonder that during last night’s presidential debate, Mitt Romney didn’t want to embrace a policy of massive new tax cuts for the rich. “I will not reduce the taxes paid by high-income Americans,” Romney said.
It would be nice if Romney really was abandoning the failed theory of “supply-side” economics, but his actual tax proposals tell a very different story. Below is a screenshot from Romney’s own website, taken this morning:
Tax proposals that would disproportionately benefit rich households are underlined. As you can see, that’s almost all of them. And what would all these tax changes mean for the bottom line at America’s ritziest kitchen tables? The Tax Policy Center estimates that the richest 0.1 percent of Americans would reap a $725,000 tax cut from these proposals.
Now, Romney has also said that he’d like to close some loopholes that favor the rich, but TPC has also found that there simply aren’t enough of them make up the entire difference. And even if there were, Romney has refused to say which ones he’d eliminate.
The fact is that Romney has proposed some very clear and specific tax policies, and nearly every one of them would result in a tax cut for the rich.