The headline may come as no surprise to many of you, dear readers, but it’s always nice to be able to point a Romney fan to an unbiased study which shows that his proposals are, quite frankly, full of shit.
Romney wants to cut income taxes by 20% overall – there would be reductions on income tax for everyone. Sounds great, right? Of course, this would suck a lot of money out of the coffers, so he plans to offset those losses by cutting unspecified tax breaks.
According to the study, the Romney tax cuts would produce a $360 billion revenue loss in 2015, and offsetting that would require a reduction of 65% of all available tax expenditures.
Such popular tax breaks include deductions for mortgage interest and state income taxes, the exclusion from income of employer-paid health insurance and lower tax rates on capital gains.
Basically, this would drive up prices on housing and medical care. Didn’t we just leave this party? Also, you may not even be aware you get a break on your Federal taxes for your state income taxes, but if you vote for Romney and then wonder why in a couple of years you’re not getting tax refunds anymore… yep, you were warned, so shut up.
This is something Republicans have always been good at. Back in the 80s, you could deduct credit card interest, car loan interest and loans for vacations, but Reagan gave us a tax cut and took away those deductions. The net result was that the middle class had less money in hand, but you had to know what was going on to figure it out, and everybody was on coke. Now nobody can afford coke, cars or vacations, and like half of us are unemployed, so you’d think people might find the time to do a little math on that one. Nope?
Fortunately, you don’t need to do the math. Someone did it for you:
The end result is that individuals who make less than $200,000 would actually have to pay $500 more, on average, in taxes — a 1.2% decrease in after-tax income, the study found.
Meanwhile, the after-tax income of individuals who make more than $1 million would increase by 4.1%.
There you go. Try to keep that in mind, folks. I know it’s harder to process than an emotionally charged soundbyte, so let’s convert it into one: Romney will make you poorer. Romney hates you. Romney wants to stick his big greedy slimy hand in your wallet and break your piggy bank.
If anyone comments that I’m a liberal and shit, it won’t get through, okay? Because I hate both parties. They’d both as soon shoot me as look at me, and I know it. But at least I’m not some simpering fool who thinks the Republicans gonna make me rich, or the rich gonna give me rich like a communicable disease if I just suck up to them enough. No, given the choice between a party that wants to steal all my money and chain me in a barn for procreative purposes and a party that just doesn’t quite get it, I’ll take “doesn’t get it” any day of the week and twice on Sunday. So shut up, theoretical commenter who’s going to open up a big can o’ whoop-ass if they don’t remain theoretical.
By the way, Romney’s camp says the study is flawed because it failed to take into account how much more money the US would make by lowering corporate income tax. Yes, you read that right. I assume it’s something like “if we cut their taxes, they’ll have more money to spend, so they’ll make more money, so we’ll get more tax income.” See also: the Underpants Gnomes.
Let’s face it. Trickle down doesn’t work:
- Rich people are less likely to spend their money – particularly in the US. They hoard it and spend it abroad and get disgusting truckloads of freebies. And good for them, but don’t be telling yourself they’re going to shower money on you.
- Corporations have decimated the number of jobs available per capita – they’ve outsourced and automated until entire sectors have dried up and blown away. Hell, entire towns.
The truth is, the pyramid’s getting pretty top-heavy. All the money’s at the top, and the people at the bottom are financially destabilized. The sustainable way forward is to fortify the lower economic classes so they can spend all that money collectively wield right here on US soil, creating the need for jobs to get the goods to them and all that jazz.