"270 Times Bigger"
An Economic Agenda for the Wealthiest 1 Percent, 270 Times Over
Last week, we reported on the Republican candidates’ economic agenda for the wealthiest 1 Percent. Citizens for Tax Justice (CTJ) crunched the numbers on several of the candidates’ tax plans and found that on average they would give the wealthiest 1 Percent a tax cut up to 270 times larger than what the middle class would receive under their plans.
Here’s the rundown.
- Newt Gingrich would give the wealthiest 1 Percent an average tax cut of $391,330, or more than 190 times larger than what a middle income American would receive under his plan.
- Jon Huntsman’s plan was not reviewed by CTJ; however, an earlier CAP Action Fund analysis found that Huntsman would give a half-million dollar tax break to each the wealthiest 0.1 Percent of Americans, while raising taxes on veterans, seniors, students, and most middle class families.
- Ron Paul’s plan was not reviewed by CTJ, but he has called for repealing the 16th amendment altogether, cutting corporate taxes, and instituting a flat tax, which would regressively target lower and middle income Americans.
- Rick Perry would give the wealthiest 1 Percent an average tax cut of $272,730, or more than 270 times larger than what a middle income American would receive under his plan.
- Mitt Romney would give the wealthiest 1 Percent an average tax cut of $126,450, or more than 100 times larger than what a middle income American would receive under his plan. What’s more, a CAP Action Fund analysis of Tax Policy Center data found that Romney’s plan would actually raise taxes on half of middle class families with children.
- Rick Santorum would give the wealthiest 1 Percent an average tax cut of $217,500, or more than 100 times larger than what a middle income American would receive under his plan.
As we reported last week, these gigantic tax cuts for the very wealthiest Americans are paired with cuts that would be devastating to the other 99 Percent of Americans, including deep cuts to Medicare, Social Security, Medicaid, and other vital programs and services that Americans depend on each and every day.
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