The Tax Calculator

Check out how much more you will pay in taxes under a horrible evil President Romney, who is going to raise taxes on the middle class and the poor so he can enjoy another yacht and more dressage horses. Indeed, unless you make $500,000 a year, you are better off under President Obama’s plan.

In case you think this is all poppycock (which is my favorite new word, thanks Mitt), a Brookings Institution/Tax Policy Center study finds Mitt Romney’s plan to overhaul the tax code would produce cuts for the richest 5% of Americans — and larger bills for everybody else. This is the same institution that Mitt Romney praised during the Republican primaries as an objective third party.

The Washington Post notes the researchers seemed “to bend over backward to be fair to the Republican presidential candidate” but “none of it helped Romney.”

“His rate-cutting plan for individuals would reduce tax collections by about $360 billion in 2015, the study says. To avoid increasing deficits — as Romney has pledged — the plan would have to generate an equivalent amount of revenue by slashing tax breaks for mortgage interest, employer-provided health care, education, medical expenses, state and local taxes, and child care — all breaks that benefit the middle class.”

Obama has a brutal new ad out as a result: