When he released his new tax plan, Mitt Romney claimed it would be good news for everyone—regardless of tax bracket. “I’m not trying to say that one group or another is going to get a better deal,” he told Chris Wallace. “What I’m trying to do is to make sure that under no circumstances is the middle class going to end up with a larger share of the tax burden.”
By Romney's own standard, his plan is a failure. Under it, the share of federal taxes paid by 95 percent of Americans would go up by 4 percentage points, according to a new Tax Policy Center analysis.
Most middle-class families would get little help. About 18 million working families would actually pay higher taxes because Romney would end the American Opportunity Tax Credit for college and cut tax credits for taxpayers with children and earned income.
Meanwhile, the top 0.1 percent of households—those fortunate enough to make more than $2.9 million a year—would get a tax cut of $725,000. That's more than what a dozen typical families make in a year, combined.
Delivering these massive tax breaks doesn't come cheap. The Romney tax plan’s 10-year, $5 trillion price tag would bust the budget at a time when we can least afford it. And according to Jared Bernstein, it would run up the national debt to nearly the size of the entire U.S. economy.
The chart above is an accurate depiction of who would benefit from the Romney plan—not the vast majority of Americans, and not the economy as a whole.