Romney tax plan helps rich, hurts middle class

http://in.reuters.com/article/2012/08/01/us-usa-taxes-romney-idINBRE8700PC20120801

By Kim Dixon Thu Aug 2, 2012

(Reuters) - Republican U.S. presidential challenger Mitt Romney's proposal to slash income taxes by 20 percent across the board would boost income for the wealthiest taxpayers while reducing it for the middle class, according to a nonpartisan analysis released on Wednesday.

The report by the centrist Tax Policy Center found that Romney's tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000.