REASON 104: Romney would give millionaires $265,000 on top of the Bush-era tax cuts.
Mitt Romney wants to reduce corporate taxes from 35 to 25 percent. He would also cut the top marginal income tax rate to 28 percent. He also wants to eliminate the estate tax, end the AMT, and repeal the Affordable Care Act. When totaled, the tax breaks that Romney/Ryan propose would give millionaires $265,000 on top of the Bush-era tax cuts.
These are tax cuts the top one percent does not need. This is the same top one percent that has reaped 93 percent of the gains from the recovery, whose net worth has ballooned, and who are now taking home a larger percentage of income than at any time in the last eighty years. Not to mention the fact that they are paying the lowest taxes than at any time since before World War II. Furthermore, as a result of these cuts, Romney’s budget doesn’t even reduce the federal debt. In fact, it worsens it.