Multiple tax policy analysts have come to a conclusion that Mitt Romney’s tax plan — to close loopholes and reduce taxes for the wealthy — means higher taxes for most people in order for the math to work.
Brit Hume of Fox News asked Paul Ryan to counter that charge.
“What we’re saying is get rid of special interest loopholes and deductions that are uniquely enjoyed by the wealthy to lower the tax rates for everybody,” Ryan responded.
But, according to The Huff Post, lowering middle-class tax rates, if coupled with eliminating key deductions, could lead to an effective tax increase, the cornerstone of the analyses of Romney’s tax plan.
“That is something that we think we should do in the light of day, through Congress,” Ryan said and promised to “have a process for tax reform so that we do this in the front of the public. So no, the point I’m trying to say is, we want feedback from Americans about what priorities in the tax code should be kept, and what special interest loopholes we want to get rid of.”
In the interview, Ryan also accused President Obama of cutting Medicare to pay for his federal health care overhaul, reports The Washington Post. It was the Romney campaign’s line of the day, and it drew a blistering response from Obama’s campaign, which labeled the latest Romney ad dishonest and hypocritical.
However, after analysis of the basic contours of the tax plan that Romney has laid out, the Tax Policy Center concluded that for people making less than $200,000, Romney’s plan leads to a tax hike.
“Our major conclusion is that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower- income taxpayers,” wrote the center.
“More specifically, after-tax, take-home income for those Americans making less than $200,000 would fall by an average of 1.2 percent under the Romney plan, while after-tax income for those Americans in Romney’s tax bracket would increase by 4.1 percent.”
Meanwhile, Romney’s unfavorable ratings are uncomfortably high for August, and even GOP strategists concede that the summer pounding by Team Obama has taken a toll on his standing in battleground states like Ohio, Florida and Virginia, reports ABC News.
At the same time Reuters informs that Ryan will meet behind closed doors with donors and fundraisers in Las Vegas at the Venetian hotel, owned by casino mogul and formidable campaign donor Sheldon Adelson.
Republican vice presidential candidate will meet with members of the Nevada finance team on Tuesday evening – his first such event as part of Mitt Romney’s campaign – but members of the media will not be allowed to attend.
Mitt Romney himself held a meeting with Adelson, this campaign season’s most prominent donor, at the same hotel in May, but it was not certain that Ryan will meet the billionaire.