Romney´s tax plan: more "redistribution"

Not long ago we talked about how Newt Gingrich´s tax plan as a presidential candidate was a wonderful of example of income redistribution. Upwards, for that matter, as the plan was highly regressive, but redistribution nonetheless.

The non-partisan Tax Policy Center has followed up with the release of a  distributional analysis of Mitt Romney´s plan, and it looks... well, fairly similar. It is not just regressive, but blatantly so : a big tax cut for the top 1% earners (and a modest tax cut for the top quintile), an almost irrelevant tax relief for those in the middle and fourth quintiles, and a tax increase for the bottom 40% households.

Ezra Klein in the Washington Post points out:

Bush wanted to pay down a surplus with spending cuts and expand Medicare. Romney wants to finance larger tax cuts by slashing domestic spending. It’s a more regressive policy that will be paid for in a more regressive way. In today’s GOP, even the most moderate presidential candidate is far to George W. Bush’s right.

Romney would probably object to accusations of having a tax plan that favors the wealthy, but that´s what his own numbers show.

 

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