(WASHINGTON) — Presumptive Republican presidential nominee Mitt Romney's economic plan would benefit the rich and increase taxes on the middle class and those with lower incomes. That's the finding of experts at the non-partisan Tax Policy Center.
An analysis found Romney's tax cuts would increase after-tax income by an average of 4.1 percent for those earning more than $1 million a year. However, it would reduce the after-tax income of individuals earning less than $200,000 by 1.2 percent.
This means the average American would pay an additional $500 per year while millionaires would see their taxes lowered by approx. $87,000 annually.
Most Americans, 95 percent, make under $200,000 a year.
Romney says he wants to cut taxes by 20 percent across the board.
Researchers say because the value of the 20 percent tax cut for richer Americans would exceed the gains they get from popular tax breaks that Romney would eliminate, they would see the greatest income gain in a Romney presidency.