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Who’s Really Better on Your Taxes?

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ezra_klein_redo-tax-chart Naomi Robbins/Forbes

The Washington Post’s Ezra Klein posted a revised tax comparison chart, created by Naomi Robbins of Forbes. According to Klein, the result is that the two candidate’s tax plans come through much more clearly.

Romney’s plan is a large tax cut for the top 60 percent, a huge tax cut for the top few percent, and a significant tax increase for the bottom few percent, as he permits a few temporary tax breaks that benefit low-income folks to expire. Obama’s plan keeps the current tax rates for almost everyone but the top few percent, who face a very large tax increase.

It’s also worth noting that these numbers only tell half the story: Romney has promised to offset the cost of most of his tax plan through spending cuts and tax reforms, and so any analysis of who pays is incomplete without those policies. But that information is impossible to graph, as Romney hasn’t released it yet. All we can say is that since Romney has promised to increase spending on defense and honor Medicare and Social Security’s scheduled benefits for the next decade, it’s hard to see how he makes good on that promise without cutting deep into programs for the poor and tax preferences that benefit the middle class, and if that’s right, then the poor and middle class are paying much more than you can tell from the graph above.

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Written by Valerie Curl

July 20, 2012 at 10:05 AM

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