Romney's plan raises taxes on working Americans in the lower and middle class while giving tax breaks to millionaires and billionaires.
This study confirms the requirement for Governor Romney to follow his father's tradition (as well as all other presidential candidates since the 60's) of releasing 12 years of tax returns so that Americans can better understand who they should elect to possibly modify and implement a new tax code.
"This paper examines the tradeoffs among three competing goals that are inherent in a revenue-neutral income tax reformï¿½maintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax ratesï¿½drawing on the example of the tax policies advanced in presidential candidate Mitt Romneyï¿½s tax plan. Our major conclusion is that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers."
Governor Romney himself promised on February 22nd of this year, to release a dynamic scoring for his plan to show how his numbers add up -ï¿½ but still hasn't done so.
Governor Romney was questioned on his recent foreign trip about his 13.9% tax rate for the last year, whether he had previous years where he paid less than 13.9%. He answered ï¿½I havenï¿½t calculated that,ï¿½ said Romney. ï¿½Iï¿½m happy to go back and look, but my view is Iï¿½ve paid all the taxes required by law.ï¿½
Governor Romney owes fiscal conservatives, as well as all Americans, three things:
1. 12 years of tax returns -- if Gov Romney insists he's the best person to write tax code, he must provide proof.
2. Governor Romney promised to release a detailed scoring of his tax plan -- he has yet to do so in the last 6 months.
3. Governor Romney promised this week to detail which years he paid less than a 13.9% on his income. He has yet to do so.
Personal opinion: if Governor Romney fails the simple transparency tests above, as fiscal conservatives we must ask him to step aside for a new Republican nominee who trusts the American public, and is willingly transparent about his qualifications as a candidate for President of the United States of America.
A new fiscal conservative nominee that will not be assaulted with tax questions from the media and a deluge of Obama tax smear advertising. A new nominee that stands tall and will be able to win this election. Governor Romney, without transparency, will not win this election under present conditions relating to his tax plan and his taxes.
Step up, or stand aside. Lead, or lose.