The Romney Tax Hike

The issue here isn?t so much that the tax breaks Romney would have to close are such great deals for average people. Even things like the home mortgage interest deduction that are frequently touted as middle-class benefits do more to help rich people, who own fancier houses. Indeed, if Romney were to try to pay for these tax cuts through reduced spending, the results would be even more regressive. It?s just that the kind of broad tax cuts Romney is proposing are very favorable to high-income families, meaning basically that any way of paying for them would shift income up the ladder. At the moment, the Romney camp is responding to the analysis with sputtering indignation, denouncing it as a ?biased study from a former Obama staffer? in reference to co-author Adam Looney?s previous experience as a staff economist on the Obama administration?s Council of Economic Advisers. These staff roles, however, are not political positions (a young Paul Krugman was a Council of Economic Advisers staff economist during the Reagan administration), and the Tax Policy Center?s director, Donald Marron, was an actual political appointee to George W. Bush?s Council of Economic Advisers.

Source: http://feeds.slate.com/click.phdo?i=559c38950f468f1555c86f8834282130

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