Yes, Mitt Romney Wants To Give Billionaires A Massive Tax Cut

By on September 15, 2012 in Mitt Romney

But he’s just scared to admit it

Mitt Romney’s position on taxes is that he’d cut billionaires tax rate by 20 percent but somehow that would not lower the taxes billionaires pay.

He explains this by saying that he’d get rid of deductions so that the tax cut will pay for itself. When studies pointed out that this meant he’d have to raise taxes on the middle class or at least eliminate the home mortgage, charity, and state and local tax deductions for everyone earning over $100,000, Romney said that the tax cuts will actually be paid for by “growth.” The argument here is the rich will pay a lower rate but more gross taxes because of magic.

So the one lesson Mitt Romney has learned from a decade in which tax cuts for the rich didn’t create one net job is that you should STILL cut taxes for the richest. But you should be too embarrassed to admit that’s what you want to do.

Is this a step up from Ronald Reagan and George W. Bush who sold their tax cuts for the rich boldly without fear of the rabble questioning what they were going to do?

No. At least they were selling what they were going to do. And they weren’t promising massive cuts the working class to go along with extravagant tax cuts.

Romney again and again has promised or implied that his cuts would pay for themselves and he would not give the rich new breaks. This is blatantly dishonest. This is “radically altering Medicare into a vouchercare and pretending you’re saving it” dishonest.

This dishonesty indicates that Democrats have won the battle of tax cuts for the rich. Now the job is to force Mitt to admit that he wants to cut tax rates for the richest, or at least compliment him for being embarrassed that he’s trying to sell such unmitigated bullshit.

[Picture by the illustrative Anne Savage.]


  • kirke123

    his biggest donor, adelson, will rec a 2.3 billion tax cut? tax history history tells the true story, high taxes on the wealthy = a country on the move and low taxes, as now, on the wealthy = deep recession.
    this is a story that needs to be repeated over and over!

  • Fjackson56

    Mitt Romney will never admit this the middle class already knows that this is what he is doing ,but he is banking on the hatred of our President will make people not care. The problem is that all these people that are following this man will care in the end if you are on a fixed income and you have to pay more taxes you will care in the end when you find out you can’t eat or take a vacation. Hatred is a powerful tools for people that call their selves Christians and he is selling hatred and getting ready for the haves and the have not’s once he is in the W.H. you can not impeach him for putting his policies in place you voted for him why don’t mitt answer the questions that the American people are want answered because he knows that the hatred that people have for this president guiding them to financial disaster with President Mitt Romney ‘s Name all over it then ask yourself are we better off know.

  • singe_101

    Deficits don’t matter to them. And they make their own reality, especially in the Beltway bubble.

  • http://www.jobwaltz.com JobWaltz.com
  • gfg0010

    Romney never said he was going to cut that tax rates on the rich you dumb partisan hack. He said he wants to keep the tax rates the same but eliminate the deductions and loopholes. When you have to lie to try to make another person seem like a liar it makes you a hypocritical twat.

    • DrPasta

      I’m not a Republican, and therefore am admittedly not that up on how the cartoon world works, but bringing a rate down sounds a lot like a cut to me. And true, he didn’t say, “the rich,” but he did say, “top rates.” Gee, I wonder who he was talking about.

      From the link: “The good news,” Romney said on NBC’s Meet the Press, on Sept. 9, 2012, ” is that five different economic studies — including one at Harvard, and Princeton, AEI and a couple at theWall Street Journal — all show that if we bring down our top rates and actually go across the board — bring down rates for everyone in America — but also limit deductions and exemptions for people at the high end, you can keep the progressivity in the code, you can remain revenue neutral and you create an enormous incentive for growth in the economy.”
      http://www.politifact.com/truth-o-meter/statements/2012/sep/14/mitt-romney/romney-claims-5-studies-back-his-tax-plan/

      • ari

        by the way…turns out those 5 studies were bs..i heard a couple were op eds, one of the studies was paid for by romney, and the same person gave an opinion twice…his tax proposals are grounds enough not to hire him; picking ryan is a second reason you don’t have to look any further

    • ari

      on romney’s website he talks of flatter tax rates (aka reducing taxes for rich) and he talks of massive tax cuts for the rich….here’s lupol #1 to cut….carried interest taxed as cap gain rate for private equity…no merit to that taxed at 15%..and we’re talking billions.

  • matt

    I hate Romney, but how can you sit here and tell me if you tax the sh*t out of the rich there not going to fire there employees. As you can all see these rich people are greedy, but you can’t change that! Do Any of you honestly think by taxing these Owners and CEO’s there just going to sit there and take it? No there going to find places to cut there business to make sure they keep the same paycheck. Still the top 1% of America pays 51% of the taxes, that is crazy already, In Germany the most stable economy in the world ATM the Top 1% pay 25% of the Taxes.

    I’m voting for Obama but still, you can’t argue he is better for the middle class.In Obama care the middle class is going to get screwed. You are forcing insurance companies to lower there rates for poor people, so what are they going to do? There going to raise the rates for the middle class, since it will be illegal not to have insurance your stuck you half to pay those rates no matter what endless the rate reaches over 8.5% of your income.

    Both these candidates are bad, wish there was a third party that had a chance or no parties in the words of George Washinton “”The alternate domination of one faction over another, sharpened by the spirit of revenge natural to party dissention, which in different ages & countries has perpetrated the most horrid enormities, is itself a frightful despotism. But this leads at length to a more formal and permanent despotism. The disorders & miseries, which result, gradually incline the minds of men to seek security & repose in the absolute power of an Individual: and sooner or later the chief of some prevailing faction more able or more fortunate than his competitors, turns this disposition to the purposes of his own elevation, on the ruins of Public Liberty.”"

    • http://eclectablog.com Eclectablog

      Gimme a break. We’re only talking about a 3-4% increase back to where tax rates were under Clinton (remember that? The boom times?) That hardly qualifies as “taxing the shit out of the rich.”
      Besides, and this is a point most miss: we’re talking individual tax rates, here, not corporate tax rates. Do you think if a wealthy business owner has to pay a bit more personal income tax he’s going to go back to his business and start firing people?
      I don’t.

      • ari

        when you strengthen the middle class and the poor they increase their consumption…that increases the success of American businesses

    • blah

      Ha who are you kidding? the top 1% pay nowhere near 51% of the taxes. You’re lying to yourself and everyone here spewing that crap.

  • http://twitter.com/sandpen4 Sandpen

    I WILL SELL MY VOTE to MITT ROMNEY FOR THE $6,000 IT WILL COST ME TO GET MY DENTAL WORK DONE. MITT PLEASE CALL ME TO CLOSE THE DEAL? ITS ALL ABOUT SURVIVAL ON MY END.

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