Romney Says His Plan To Cut Tax Rate For The Rich Doesn’t Cut Taxes On The Rich
Romney claims he’ll close tax loopholes, but won’t specify one he’d close, claiming “the high end, high-income taxpayers, are going to have fewer deductions and exemptions. Those numbers are going to come down. Otherwise they’d get a tax break, and I want to make sure people understand, despite what the Democrats said at their convention, I am not reducing taxes on high-income taxpayers. I’m bringing down the rate of taxation, but also bringing down deductions and exemptions at the high end so that the revenues stay the same, the taxes people pay stay the same — middle income people are going to get a break, but at the high end the tax coming in stays the same…”
Romney’s plan, in reality, would provide the very richest Americans a $264,000 tax break. It also maintains current tax rates on investments that are otherwise set to expire at the end of the year, and it eliminates the estate tax, paid by only the richest one-quarter of one percent of Americans.