Study: Romney’s tax plan won’t soak middle class
A new study appears to debunk the Obama campaign’s claims that Mitt Romney would raise taxes on the middle class.
The study, by the Heritage Foundation’s Curtis Dubay, finds that the Romney tax plan would be revenue-neutral and not raise taxes on lower or middle-class households.
The Obama campaign has been touting a different study by the Tax Policy Center, which is the source for claims that Romney would hit the middle class.
Both Barack Obama and Joe Biden have taken jabs at Romney’s tax plan on the campaign trail. Obama called Romney’s plan “bad math”, while Biden has said it would take money from the middle class.
The Obama camp even launched a “tax calculator” on their website, based on the Tax Policy Center’s analysis, where visitors can see how much in taxes they will pay under each candidates’ plan.
“Their conclusion is the result of a series of carefully made choices…not the underlying nature of the Romney plan…This finding is harming the debate on tax reform,” says the Heritage Foundation’s study, which was released Tuesday morning.
Many of the Tax Policy Center’s faulty assumptions lie, according to the Heritage Foundation, in what tax loopholes and preferences would be cut and changed.
“At best, this TPC analysis confirms that tax reform will require political leaders to make difficult decisions. This is self-evident. If tax reform were easy, Washington would have reformed the current 26-year-old code long ago,” the Heritage study concludes.
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