In the fight over the impact of Mitt Romney’s proposed plan to reduce income taxes by 20 percent, a new analysis has estimated that a family of four would save $1,116 a year and single parent $775.
The pro-Romney group Americans for Tax Reform ran the numbers and found savings for most wage earners, even singles who would see a tax cut of $522.
Romney said he will pay for the reductions by broadening the income tax base, mostly for high earners. Here are the examples from ATR:
Family of Four earning the median income:
Adjusted gross income: $70,000
Federal income tax under present rules: $3,581
Federal income tax under Romney-Ryan: $2,465
Annual Tax Savings $1,116
Single parent with two dependent children:
Adjusted gross income: $50,000
Federal income tax under present rules: $1,874
Federal income tax under Romney-Ryan: $1,099
Annual Tax Savings $775
Single taxpayer:
Adjusted gross income: $30,000
Federal income tax under present rules: $2,609
Federal income tax under Romney-Ryan: $2,087
Annual Tax Savings $522
