What Romney Would Pay Under His Tax Plan
Greg Sargent has it, via Citizens for Tax Justice.
The column to the left represents what Romney would pay under current law — if we did nothing and allowed the Bush tax cuts to expire. He’d pay $5.5 million out of $21.7 million, or around one-fourth.
The column in the middle represents what Romney would pay if Obama’s 2011 proposals pass. He would pay less than if we did nothing and just let the Bush tax cuts expire, because Obama would raise taxes on capital gains and dividends from 15 percent to just 20 percent (letting the Bush cuts expire would hike taxes on dividends to 39.6 percent). Under Obama’s plan, then, Romney would pay just under $5 million in taxes — around 23 percent.
And the column to the right represents what Romney would pay under his own proposals to keep the Bush tax cuts for the rich, retain the 15 percent tax rate on investments, and repeal the Medicare tax in health reform. His tax burden would remain at just over $3 million out of 21.7 million.
As you can see, the amount Romney pays drops substantially as you move from left to right.Click here for reuse options!
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