* Romney tax plan cuts 20 percent for all income groupsthere is nothing new here but for those who still don't get it this plan is not for you if your bank acct is less than a million bucks, all over break out the chips and noise makers Romney's your guy.* Those making over $1 million benefit most under plan* Romney hasn't spelled out how to fund tax cutsBy Kim DixonWASHINGTON, Aug 1 (Reuters) - Republican U.S. presidential challenger Mitt Romney's proposal to slash individual income taxes by 20 percent across-the-board would primarily boost the income of the wealthiest taxpayers, 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.
no matter what you hear or see from the right it is not beneficial to the average middle class and working poor's favor
About two-thirds of the $1.1 trillion in revenues that the government foregoes annually because of tax breaks would have to be curbed to fund Romney's tax cut, the analysts said.
