Saturday, October 20, 2012

Mitt Romney's 1-Point Plan

   Don’t be fooled by Romney with his 5-point plan for the economy because it does not exist. Mitts plan has only 1-point, and that is to keep the wealthy in the lowest tax bracket possible while the rest of the country pays for it.  

  From ThinkProgress

Everyone Else Pays More So the Wealthy Can Pay Even Less

First, Mitt Romney had 59-point plan. Lately, he’s been touting a 5-point plan.

But the truth is that Mitt Romney really just has 1-point plan: Make everyone else pay more so the wealthy and huge corporations like Big Oil can pay even less.

What does this 1-point plan mean in practice?

And so on and so forth. You get the picture and it’s not a pretty one.

Worse yet?

Romney’s reverse Robin Hood plan won’t create jobs and won’t grow the economy. As we discussed earlier this week, Romney’s plan would, at best, dramatically slow the recovery and could kill hundreds of thousands of jobs and throw the economy back into recession.

Figure 1

How are we so sure about this? We’ve tried Romney’s 1-point plan before and it didn’t work. In fact, the plan Romney is advocating solely consists of the same policies that got us into this mess in the first place — only worse.

We know from experience that lower marginal tax rates don’t create economic growth. In fact, the opposite seems to be true.

average annual growth in real gdp, by top marginal tax rate

And lower marginal tax rates don’t create jobs either.

BOTTOM LINE: The middle class simply cannot afford Mitt Romney’s 1-point plan to make them pay more so the wealthy and corporations can pay even less.