There was a recent article in the Washington post that compared the Romney tax plan to the Obama tax plan and while the article was written to show how Obama’s plan is better from a Liberal worldview (punishing the successful with higher taxes), the graph on this post actually shows how the Romney plan helps the middle class.
Here is the graph showing how tax rates for each income demographic will change under each plan.
Under Romney’s tax plan, notice that all Americans who comprise the ‘middle class’ (those who comprise 20% to 80% of income in the US) will see a tax rate reduction but Obama’s plan doesn’t help that demographic. Obama’s plan only serves to raise taxes on the top 10% of Americans and does nothing for the middle class.
This is what the elections in 2012 are all about. Do we want to re-elect those who are only interested in punishing the successful or do we want to elect those who are interested in reducing the size of government and giving tax breaks for all the hard working Americans?
The big question is whether a higher/lower tax rate will yield higher/lower revenues. Speaking in terms of the Laffer curve, is the US on the left-hand side or on the right-hand side of the curve?
Very good point! It’s my opinion we are on the right hand side and we’ll find out if I’m right depending on who gets elected in November.
I tend to agree, the US seems to be on the right-hand side of the curve. But I am not so sure whether the result of the election will really make such a large difference. I do not buy Romney’s rhetoric, he has changed his opinion over and over again. And remember, “Freedom must look very different from inside the White House than from outside.”.
Okay, with Obama we know what we get. And the vast majority dislikes it..
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