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CHART: Romney Plan Raises Taxes On Lower-Middle Class, Cuts Taxes On Wealthy

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Above that level, Romney's plan cuts taxes at greater rates for wealthier people. The average millionaire would thus pay $145,568 less in taxes in 2015 than they do today. Taken altogether, that makes the plan a budget buster, meaning greater deficits or deep cuts to federal programs.

Per TPC, "The Romney plan would reduce federal tax revenues substantially. TPC estimates that on a static basis, the Romney plan would lower federal tax liability by $600 billion in calendar year 2015 compared with current law, roughly a 16 percent cut in total projected revenue. Relative to a current policy baseline, the reduction in liability would be roughly $180 billion in calendar year 2015."

About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com