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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (646633)	3/1/2012 7:09:01 PM
From: puborectalis	Read Replies (2) of 1582955

Mitt Romney's new tax plan would mean lower taxes for most Americans. But some would benefit more than others. According to a new analysis from the Tax Policy Center, wealthy Americans would see their taxes fall precipitously under Mitt Romney's new plan -- which scraps the Alternative Minimum Tax and cuts marginal tax rates by 20% [iframe allowtransparency="true" hspace="0" vspace="0" marginheight="0" marginwidth="0" src="http://ads.cnn.com/html.ng/site=cnn_money&cnn_money_position=220x200_ctr&cnn_money_rollup=business_news&cnn_money_section=quigo&page.allowcompete=no¶ms.styles=fs&page.allowcompete=yes&tile=1330646858425&page.allowcompete=yes&domId=274798" border="0" frameborder="0" height="200" width="220" scrolling="no" id="274798" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 12px; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; position: relative; visibility: visible; background-position: initial initial; background-repeat: initial initial; "][/iframe] Assuming the Bush tax cuts are extended, the Romney plan would give the top 1% of earners an average tax cut of $150,000, a 7.8% reduction in their average federal tax rate, according to the Tax Policy Center. Americans in the middle 20% of income-earners would get an average tax cut of $810, a 1.4% tax rate reduction. Those making $1 million or more would receive an average tax cut of $250,000, an 8.1% tax rate reduction, while the average American would get $2,800, a 3.5% rate drop. The plan would also add to the deficit -- $480 billion in calendar year 2015 alone, according to the study.

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