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Study released for Gov Romney Tax Plan

Original post made by Fiscal Conservative, Stanford, on Aug 2, 2012

The non-partisan Tax Policy Center has released a study of Governor Romney's tax plan. One of the study's authors worked for the first President Bush; the head of the Tax Policy Center worked for the second President Bush; Governor Romney's campaign has cited the Tax Policy Center in the past as a "credible" source when using their data to attack Governor Perry's policies, as recently as November (see Romney release: "Objective, Third-Party Analysis Showed Governor Perry�s Plan...")

Web Link

The gist?

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 reform�maintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax rates�drawing on the example of the tax policies advanced in presidential candidate Mitt Romney�s 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 -� 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 �I haven�t calculated that,� said Romney. �I�m happy to go back and look, but my view is I�ve paid all the taxes required by law.�

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.

Comments (16)

Like this comment
Posted by Harry Grey
a resident of Another Palo Alto neighborhood
on Aug 2, 2012 at 12:56 pm

Ha! Middle class Republicans are finally realizing too late, just how awful a candidate they have with the flipflopper.

Romney will raise taxes on 95% of Americans to give himself and fellow billionaires millions of dollars in tax cuts.

Too late, Republicans, he's your guy. Can't wait to see the commercials that are going to be run against him. You're going to wish he would go back to England and insult the Brits some more by the time this is through.

Like this comment
Posted by Gray
a resident of Downtown North
on Aug 2, 2012 at 1:14 pm

I will gladly pay more to have Mitt Romney as president than who we have now

Like this comment
Posted by perspectivist
a resident of Midtown
on Aug 2, 2012 at 1:28 pm

Gray: don't worry, if Mitt is elected, you will pay more taxes so he can have tax cuts for he and his buddies.

The 'Bush' tax cuts expire this year.

The Democrats have worked this week to give EVERYONE a tax cut on all income up to $250,000 per year. All they are asking is a return to the successful Clinton tax rate for millionaires and billionaires, and that is only a couple percent higher.

Republicans are blocking the tax cut for everyone on all their income up to $250,000 per year.

Romney needs to release details of his tax plan, and 12 years of tax returns so we can judge his suitability to hold the highest office in the land. Heck, in SF, each candidate is required to release 3 years. Mitt has released 1.

Like this comment
Posted by Paris Holiday Inn
a resident of Los Altos
on Aug 2, 2012 at 1:48 pm

Under Obama, millionaires and billionaires get the same tax cut as the rest of us, up to their first $250,000.

I don't understand how anyone working for a living (opposed to independently wealthy) would vote for Romney and pay more in taxes for Mitt's own personal tax cut.

The independently wealthy, the Paris Hiltons of the world who sit by the pool all day and open up dividend statements, they love Romney's tax plan.

We need to put the capital gains tax cuts back to Clinton times too. Time to balance the budget again.

Like this comment
Posted by Sean
a resident of Midtown
on Aug 2, 2012 at 2:12 pm

Those are lies about Mitt Romney's plan. It will not raise taxes on us. Obama is the biggest tax raiser in history.

Like this comment
Posted by A new perspective
a resident of Another Palo Alto neighborhood
on Aug 2, 2012 at 2:21 pm

"Those are lies about Mitt Romney's plan. It will not raise taxes on us. Obama is the biggest tax raiser in history."

Some one is in fantasyland again.

Web Link

"Under a future President Romney, millionaires would get an $87,000 tax cut, while just about everyone else would see their tax bills go up by around $500 a year.

That’s one conclusion of a new study published by two Washington think tanks, the Brookings Institution and the Tax Policy Center."

The important thing is that Romney will place the Churchill bust back in the White House.
Gary/Sharon/Perspective/Sean et al will swoon and everyone will be happy

Like this comment
Posted by job creators
a resident of Nixon School
on Aug 2, 2012 at 2:38 pm

Winston Churchill is an American Legend. Obama insulted the entire UK by returning the loaned statue. We must restore civility in the White House.

I support the new tax plan giving cuts to job creators. We will all make more and pay less because of it. Freedom from taxes.

Like this comment
Posted by Worst. Nominee. Ever.
a resident of Stanford
on Aug 2, 2012 at 3:14 pm

Great study by a non-partisan thinktank.

That should just about be the final nail in Romney's political coffin unless he releases his tax returns.

Which WILL be the final nail if they're as bad as everyone is saying.

Hello, 2nd BHO inauguration! Thank you Republicans for picking the guy Santorum told you was the WORST POSSIBLE CHOICE!

This will be looked back at as the craziest choice for a nominee since that other Massachusetts guy, what's his name - Dukawkis.

Picking a nominee that won't show his his tax returns in his own primary and then expecting the other party to not use it to kill him?


Absolutely priceless.

Thanks, tea party, for succumbing to the Washington Beltway Republican establishment. The tea party's day in the sun lasted for just about a day, back in 2010.

Just priceless.

Romney will lose PA, FL, OH, MI, NM, and a couple other swing states, total loss by over 75 electoral votes, almost as bad as McCain.

How could the tea party back a guy who made his money sending jobs overseas, ran a vulture capital firm, wrote Obamacare, told voters he was more liberal than Ted Kennedy, flip flops on EVERYTHING, geez the list goes on and on!

You guys acquiesced to this guy??????

Completely priceless. Unless Rove has an October surprise, Romney's toast.

Like this comment
Posted by aint over till its over
a resident of Adobe-Meadow
on Aug 2, 2012 at 4:17 pm

Worst Nominee Ever: Quit gloating. Romney still has Rove on his side.


The GOP has to be rethinking and consider a floor fight to get someone new who has a chance in the swing statees.

Like this comment
Posted by Bruce Miller
a resident of Mountain View
on Aug 2, 2012 at 4:44 pm

Worst. Nominee. Ever.

I second the motion - no time to celebrate a small lead in the swing states, it is a long way until the election

I find it surprising, however, that on these boards you will find some very conservative authors that don't seem to care about Romney. Ever heard a Tea Party or other fringe conservative say:

- I believe Romney?

- I believe IN Romney?

- I love Romney?

- I TRUST Romney?


I haven't either.

Like this comment
Posted by Bored
a resident of Midtown
on Aug 2, 2012 at 8:25 pm

To the original poster "Fiscal Conservative:"
Dude, give it up. We know you are just an Obama "zombie," who thinks you are being sneaky by posting this phony "from the right" criticism.

REAL conservatives know that although he's definitely not perfect, electing Romney is absolutely necessary. Your guy (Obama), while he may be a perfectly nice guy, is bankrupting the country! He has lied and failed to deliver on nearly all of his campaign promises! He's a complete amateur. I really do wish him and his family the best. Unlike you, I really mean that.
The best hope for our country now is to elect Romney and get as many serious fiscal conservatives as we can in congress.

Like this comment
Posted by Anon.
a resident of Crescent Park
on Aug 2, 2012 at 8:47 pm

> Romney's plan raises taxes on working Americans in the lower and middle class while giving tax breaks to millionaires and billionaires.

So, why would
1. lower and middle class voters want to vote for Romney, AND
2. Why would upper income and very rich people with any regard for this country want to vote for Romney ?????

Sort of leads me to wonder if our elections are totally rigged or if most of the Americans I don't know are complete anti-social psychopaths?

We already know that there is quite a bit of interference in the voting process from the Republicans, so I "vote" #1.

If we want to have confident voting there are way of doing it that preserve the secret ballot and yet can verify elections. Voter fraud is a non-existent problem, but there is no verification of the integrity of our elections as there are in say Iraq or Afghanistan.

Like this comment
Posted by Anon.
a resident of Crescent Park
on Aug 2, 2012 at 8:52 pm

Bored, you must indeed be bored of keeping up with the facts, you are 11 years behind the times, when Bush cut taxes at a time when we had 6 trillion dollar debt he set off the events that cracked up right as he left office, yet you right-wing robots just keep automatically repeating the same old thing, like tax-cuts create jobs, and the country does not need health care reform, and the spendthrift Democrats are bankrupting the country - none of which is true.

We can all know this country will be on the road to recovery with shills such as you are too embarrassed to keep repeating such nonsense. Until them we must listen and I guess just laught you talk about the spendthrift Democrats. Ha ha.

Like this comment
Posted by Buck
a resident of Barron Park
on Aug 2, 2012 at 10:20 pm

"Dude, give it up. We know you are just an Obama "zombie,""

Maybe the original poster is, maybe he is a genuine fiscal conservative.

Either way, "bored", what do you think of Romney's plans to cut taxes on billionaires and raise taxes on everyone else?

Back to the original poster - get used to it a lot of ticked off reightwingers. As Romney slips lower and lower in the swing states and the RW zombies start to wake up and do the electoral math, there's going to be a lot of anger. The few Tea Party zealots left will be mighty angry once they realize how they've been used by the beltway wing of the republican party.

But, hey! Enjoy Romney's tax hike on working Americans!

Like this comment
Posted by That User Name is already
a resident of another community
on Aug 10, 2012 at 3:18 pm

That User Name is already is a registered user.

Any one notice that the right wing posters aren't dening that the Romney plan gives huge tax cuts to millionaires and billionaires while raising taxes on the other 95% of America?

They ran away from this story as fast as they could!

Clearly, it will come back after the Republican convention when the republicans double down on Mitt and his tax returns.

Combined with Obama's already huge leads in both electoral and head to head categories, it may be a very long 3 months for the right wing posters to hide out from defending Romney's tax hike on 95% of Americans.

Like this comment
Posted by That User Name is already
a resident of another community
on Aug 12, 2012 at 9:25 am

That User Name is already is a registered user.

With the pick of Ryan, Romney doubles down on tax cuts for billionaires and raising taxes on the rest of America, while sriving UP the deficit:

Web Link

Romney - A Tax Plan That Defies the Rules of Math

"Mitt Romney, the presumptive Republican nominee, claims his far deeper tax cuts [than those under George W. Bush] would have a price tag of exactly zero dollars. He has no intention of submitting his tax plan to the committee or anywhere else that might conduct a serious analysis, since he seems intent on running a campaign far more opaque than any candidate has in years. ... Mr. Romney wants to keep all the Bush tax cuts, then cut taxes much further, particularly for the rich, but he says the plan won’t grow the deficit by a dime. He won’t say how he will accomplish this — there are no real numbers in his plan beyond a vague pledge to eliminate some loopholes."

"Following Mr. Romney’s plan would mean ending popular deductions for mortgage interest and charitable contributions, which would wind up raising taxes on the middle class, while the rich would still enjoy the benefits of an income-tax cut larger than the deductions they would lose."

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