You know already how Romney has been dodging questions about taxes -- his own and yours. He did it again during last week's "town hall" debate, moving swiftly on from Mary Follano's direct question.
In Tuesday night’s debate, audience member Mary Follano asked Romney how his plan could affect her personal taxes. She specifically asked how his plan would affect tax benefits like education credits, which she said are “important to me because I have children in college.” ...Think Progress
Think Progress noted Romney's reaction and turned to the Director of Fiscal Reform at the Center for American Progress Action Fund, Seth Hanlon. Hanlon put together the answer that Romney should have given, revealing the raw truth behind Romney's proposals for lessening the tax burden on the wealthy. Truth: the middle class would pay for it -- heavily.
Ms. Follano is a respiratory therapist. The median income for respiratory therapists on Long Island was $69,450 in 2011 according to the Bureau of Labor statistics.There you go, Ms. Follano. More than twice what you pay now.** The average premium for a single plan in New York was $5,220 in 2010.
Tax computation under current rules (single filer, 2012 tax year):
Adjusted Gross Income: $69,450
less Exemptions (3): $11,400
less standard deduction: $5,950
equals Taxable Income: $52,100
Tax before credits under current rates: $9,055
less max. tuition tax credits for two students: $5,000
Tax liability: $4,055Tax computation under “Romney-style tax plan” (2006 JCT plan) (single filer, 2012 tax year):
Adjusted Gross Income: $74,670
less personal exemptions: none
less standard deduction: $5,950
equals Taxable Income: $68,720
Tax before credits under 23% lower rates: $10,109
less tuition tax credits: none
Tax liability: $10,109Tax increase from Romney-style plan: $6,054
Think Progress
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