By State Representative, Leon D. Young
Leon D. Young
On the very day that Mitt Romney thought that he had finally turned the corner in vanquishing his last serious threat, Rick Santorum, in the primary, the ghost of Christmas past made an appearance. The apparition, in this instance, was none other than George W. Bush.
Mr. Bush had totally resigned himself to the ranks of political obscurity since leaving office more than three years ago, but suddenly felt the need to break his self-imposed silence last week by offering his take on why the Bush tax cuts should be extended for the wealthiest Americans. It was vintage George W., poorly prepared and awkward in his remarks.
In essence, it was “Voodoo Economics 101,” making the case for continuing tax breaks for the wealthy because they [wealthy Americans] are the “job creators” and they spur the economy. But, we’ve all heard this before, extolling the merits of trickle-down economics as the way to revive the national economy.
Mitt Romney, aka – Mr. One Percent, not only embraces this particular economic mindset, if elected president, he would take this economic philosophy even further. Under the new Ryan Budget Plan, which Romney considers to be the Holy Grail, wealthy Americans would make off like bandits.
New analysis by the Urban-Brookings Tax Policy Center finds that people earning more than $1 million a year would receive $265,000 apiece in new tax cuts, on average, on top of the $129,000 they would receive from the Ryan budget’s extension of President Bush’s tax cuts.
Moreover, the new tax cuts at the top would dwarf those for middle-income families. After-tax incomes would rise by 12.5 percent among millionaires, but just 1.8 percent for middle-income households.
More importantly, low-income working families would actually be hit with tax increases. Families making less than $10,000 would have to pay $112 more on average, or -2.0 percent in after-tax income. To further illustrate the point, middle- income taxpayers with incomes between $50,000 and $75,000 would only receive $975, on average.
All of the new Ryan tax cuts are both expensive and tilted toward high-income households. It would cut the top individual tax rate to 25 percent, the lowest level since the Hoover Administration more than 80 years ago.
Romney claims that he understands the economy, but for who? In reality, he made fortunes by bankrupting five profitable businesses that ended up firing thousands of everyday American workers.”
Mitt Romney is clearly Mr. One Percent and advocates exclusively for their economic interests. You do the math!