Everyone Else Pays More So the Wealthy Can Pay Even Less
First, Mitt Romney had 59-point plan. Lately, he’s been touting a 5-point plan.
But the truth is that Mitt Romney really just has 1-point plan: Make everyone else pay more so the wealthy and huge corporations like Big Oil can pay even less.
What does this 1-point plan mean in practice?
- A $2,000 tax increase for middle class families so every millionaire can get a new $87,000 tax cut.
- Current seniors pay $11,100 more for their health care so the five largest oil companies get a new $2.3 BILLION annual tax cut
- A 29 year-old would pay a whopping $331,000 for their health care in retirement so Romney’s single largest donor can have a $2.3+ BILLION tax cut (yes, you read that right).
- Women lose their no-cost birth control benefit so corporations can keep existing tax breaks for shipping jobs overseas and get billions in new incentives to outsource American jobs.
- Over 1 MILLION students will lose their Pell Grants so the corporate tax rate can be slashed by almost one-third.
And so on and so forth. You get the picture and it’s not a pretty one.
Romney’s reverse Robin Hood plan won’t create jobs and won’t grow the economy. As we discussed earlier this week, Romney’s plan would, at best, dramatically slow the recovery and could kill hundreds of thousands of jobs and throw the economy back into recession.
How are we so sure about this? We’ve tried Romney’s 1-point plan before and it didn’t work. In fact, the plan Romney is advocating solely consists of the same policies that got us into this mess in the first place — only worse.
We know from experience that lower marginal tax rates don’t create economic growth. In fact, the opposite seems to be true.
And lower marginal tax rates don’t create jobs either.
BOTTOM LINE: The middle class simply cannot afford Mitt Romney’s 1-point plan to make them pay more so the wealthy and corporations can pay even less.
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