1‐Mar‐12
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Click on PDF or Excel link above for additional tables containing more detail and breakdowns by filing status and demographic groups.
Table T12‐0038
Romney Tax Plan Without Unspecified Base Broadeners
Baseline: Current Law
Distribution of Federal Tax Change by Cash Income Level, 2015 1
Summary Table
Cash Income Level (thousands of 2011 2
dollars) Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units with Tax Cut 3
Percent Change in After‐Tax Pct of Tax Units
Avg Tax Cut
Income 13.2
44.1
79.9
92.6
96.2
98.7
99.4
99.8
99.9
100.0
100.0
77.4
‐127
‐312
‐821
‐1,260
‐1,613
‐2,698
‐4,571
‐8,875
‐26,498
‐75,781
‐399,861
‐7,043
0.3
0.9
2.7
3.6
3.9
5.0
6.2
8.0
11.7
14.4
19.8
8.7
4
Share of Total Federal Tax Change
0.0
0.4
1.5
2.1
2.4
7.0
7.4
23.2
20.2
9.6
26.1
100.0
Average Federal Tax Change ($)
‐17
‐138
‐657
‐1,165
‐1,547
‐2,624
‐4,499
‐8,745
‐25,785
‐73,168
‐390,876
‐5,342
Average Federal Tax Rate
5
Change (% Points)
Under the Proposal
‐0.3
‐0.9
‐2.5
‐3.1
‐3.2
‐4.0
‐4.9
‐6.0
‐8.5
‐10.1
‐12.7
‐6.6
4.7
2.9
7.1
10.7
13.4
15.2
16.9
19.0
19.3
19.8
23.3
17.4
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐3).
Number of AMT Taxpayers (millions). Baseline: 27.0 Proposal: 0.0
* Less than 0.05
** Insufficient data
(1) Calendar year. Baseline is current law. Proposal implements the provisions of the Romney tax plan that have been specified by the campaign as of 03/01/12. The estimates do not include unspecified individual or corporate income tax base broadeners. For a detailed description of TPC's interpretation of the plan, see http://taxpolicycenter.org/taxtopics/romney‐plan.cfm. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. 1‐Mar‐12
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T12‐0038
Romney Tax Plan Without Unspecified Base Broadeners
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Level, 2015 Detail Table
Cash Income Level (thousands of 2011 2
dollars) Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Percent of Tax Units with Tax Cut 3
13.2
44.1
79.9
92.6
96.2
98.7
99.4
99.8
99.9
100.0
100.0
77.4
Percent Change in After‐Tax Income 4
Share of Total Federal Tax Change
0.3
0.9
2.7
3.6
3.9
5.0
6.2
8.0
11.7
14.4
19.8
8.7
0.0
0.4
1.5
2.1
2.4
7.0
7.4
23.2
20.2
9.6
26.1
100.0
Average Federal Tax Change
Dollars
‐17
‐138
‐657
‐1,165
‐1,547
‐2,624
‐4,499
‐8,745
‐25,785
‐73,168
‐390,876
‐5,342
Percent
Share of Federal Taxes
Change (% Points)
‐5.7
‐22.8
‐25.8
‐22.6
‐19.5
‐20.8
‐22.3
‐24.1
‐30.4
‐33.8
‐35.2
‐27.6
0.1
0.0
0.0
0.2
0.4
0.9
0.7
1.3
‐0.7
‐0.7
‐2.1
0.0
Under the Proposal
0.2
0.5
1.6
2.8
3.7
10.2
9.9
27.9
17.6
7.2
18.4
100.0
Average Federal Tax Rate 5
Change (% Points)
Under the Proposal
‐0.3
‐0.9
‐2.5
‐3.1
‐3.2
‐4.0
‐4.9
‐6.0
‐8.5
‐10.1
‐12.7
‐6.6
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2015
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
18,828
26,753
20,164
16,562
13,738
24,031
14,893
23,887
7,059
1,187
603
168,946
Pre‐Tax Income
Average (dollars)
5,900
15,859
26,538
37,305
47,821
65,604
92,846
145,539
305,065
726,148
3,088,329
80,584
Federal Tax Burden
Percent of Total
0.8
3.1
3.9
4.5
4.8
11.6
10.2
25.5
15.8
6.3
13.7
100.0
Average (dollars)
292
604
2,547
5,147
7,950
12,625
20,165
36,363
84,703
216,635
1,111,529
19,353
Percent of Total
0.2
0.5
1.6
2.6
3.3
9.3
9.2
26.6
18.3
7.9
20.5
100.0
After‐Tax Income 4
Average (dollars)
5,608
15,256
23,991
32,157
39,871
52,979
72,681
109,176
220,362
509,513
1,976,800
61,230
Percent of Total
1.0
4.0
4.7
5.2
5.3
12.3
10.5
25.2
15.0
5.9
11.5
100.0
Average Federal Tax Rate 5
5.0
3.8
9.6
13.8
16.6
19.2
21.7
25.0
27.8
29.8
36.0
24.0
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐3).
Number of AMT Taxpayers (millions). Baseline: 27.0 Proposal: 0.0
* Less than 0.05
(1) Calendar year. Baseline is current law. Proposal implements the provisions of the Romney tax plan that have been specified by the campaign as of 03/01/12. The estimates do not include unspecified individual or corporate income tax base broadeners. For a detailed description of TPC's interpretation of the plan, see http://taxpolicycenter.org/taxtopics/romney‐plan.cfm. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. 4.7
2.9
7.1
10.7
13.4
15.2
16.9
19.0
19.3
19.8
23.3
17.4
1‐Mar‐12
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T12‐0038
Romney Tax Plan Without Unspecified Base Broadeners
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Level, 2015 Detail Table ‐ Single Tax Units
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Percent of Tax Units with Tax Cut 3
13.0
45.1
77.4
93.9
98.5
99.1
99.1
99.4
100.0
100.0
100.0
66.3
Percent Change in After‐Tax Income 4
Share of Total Federal Tax Change
0.2
0.9
2.2
3.3
3.9
5.8
7.8
9.9
16.6
21.1
27.2
7.6
0.1
1.1
3.0
4.4
4.5
13.1
10.1
20.1
15.8
7.9
19.7
100.0
Average Federal Tax Change
Dollars
‐12
‐125
‐515
‐1,035
‐1,479
‐2,902
‐5,287
‐10,165
‐36,102
‐100,810
‐495,974
‐2,598
Percent
Share of Federal Taxes
Change (% Points)
‐2.9
‐12.4
‐16.2
‐17.7
‐16.0
‐19.5
‐22.4
‐26.1
‐38.3
‐42.4
‐41.0
‐26.2
0.3
0.4
0.7
0.8
1.0
1.6
0.6
0.0
‐1.8
‐1.1
‐2.5
0.0
Under the Proposal
1.0
2.8
5.6
7.3
8.4
19.1
12.5
20.2
9.1
3.8
10.1
100.0
Average Federal Tax Rate 5
Change (% Points)
Under the Proposal
‐0.2
‐0.8
‐2.0
‐2.8
‐3.1
‐4.5
‐5.8
‐7.2
‐11.6
‐14.1
‐16.3
‐5.9
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2015
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
14,874
18,897
12,463
9,026
6,458
9,524
4,046
4,174
926
165
84
81,336
Pre‐Tax Income
Average (dollars)
5,819
15,738
26,424
37,254
47,583
65,053
91,748
142,151
311,980
715,451
3,035,414
44,116
Federal Tax Burden
Percent of Total
2.4
8.3
9.2
9.4
8.6
17.3
10.4
16.5
8.1
3.3
7.1
100.0
Average (dollars)
425
1,014
3,189
5,860
9,231
14,867
23,620
39,003
94,363
237,612
1,209,548
9,922
Percent of Total
0.8
2.4
4.9
6.6
7.4
17.6
11.8
20.2
10.8
4.9
12.6
100.0
After‐Tax Income 4
Average (dollars)
5,393
14,724
23,234
31,395
38,352
50,186
68,128
103,147
217,617
477,840
1,825,866
34,194
Percent of Total
2.9
10.0
10.4
10.2
8.9
17.2
9.9
15.5
7.3
2.8
5.5
100.0
Average Federal Tax Rate 5
7.3
6.4
12.1
15.7
19.4
22.9
25.7
27.4
30.3
33.2
39.9
22.5
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐3).
* Less than 0.05
(1) Calendar year. Baseline is current law. Proposal implements the provisions of the Romney tax plan that have been specified by the campaign as of 03/01/12. The estimates do not include unspecified individual or corporate income tax base broadeners. For a detailed description of TPC's interpretation of the plan, see http://taxpolicycenter.org/taxtopics/romney‐plan.cfm. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. (5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. 7.1
5.7
10.1
13.0
16.3
18.4
20.0
20.3
18.7
19.1
23.5
16.6
1‐Mar‐12
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T12‐0038
Romney Tax Plan Without Unspecified Base Broadeners
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Level, 2015 Detail Table ‐ Married Tax Units Filing Jointly
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Percent of Tax Units with Tax Cut 3
23.1
47.7
77.4
85.5
91.5
98.2
99.6
99.9
99.9
100.0
100.0
93.2
Percent Change in After‐Tax Income 4
Share of Total Federal Tax Change
1.7
1.2
3.6
3.7
3.3
4.0
5.5
7.6
10.9
13.3
18.6
9.6
0.0
0.1
0.4
0.7
0.9
3.7
6.0
25.1
22.9
10.9
29.3
100.0
Average Federal Tax Change
Dollars
‐85
‐201
‐900
‐1,258
‐1,415
‐2,252
‐4,128
‐8,490
‐24,106
‐68,622
‐367,004
‐10,543
Percent
Share of Federal Taxes
Change (% Points)
‐42.0
‐85.7
‐52.2
‐33.7
‐24.6
‐22.1
‐22.5
‐23.7
‐29.0
‐32.2
‐34.1
‐28.2
0.0
0.0
‐0.1
0.0
0.1
0.4
0.6
1.9
‐0.2
‐0.5
‐2.0
0.0
Under the Proposal
0.0
0.0
0.2
0.5
1.1
5.1
8.1
31.7
22.0
9.0
22.2
100.0
Average Federal Tax Rate 5
Change (% Points)
Under the Proposal
‐1.6
‐1.2
‐3.4
‐3.3
‐2.9
‐3.4
‐4.4
‐5.8
‐7.9
‐9.4
‐12.0
‐7.2
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2015
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
1,193
2,308
2,817
3,184
4,125
10,125
8,981
18,369
5,889
983
495
58,870
Pre‐Tax Income
Average (dollars)
5,175
16,515
26,670
37,640
48,277
66,252
93,522
146,871
304,115
728,319
3,052,733
146,762
Federal Tax Burden
Percent of Total
0.1
0.4
0.9
1.4
2.3
7.8
9.7
31.2
20.7
8.3
17.5
100.0
Average (dollars)
201
235
1,724
3,735
5,762
10,210
18,340
35,786
83,246
213,203
1,077,471
37,422
Percent of Total
0.0
0.0
0.2
0.5
1.1
4.7
7.5
29.8
22.3
9.5
24.2
100.0
After‐Tax Income 4
Average (dollars)
4,974
16,280
24,946
33,905
42,515
56,041
75,181
111,085
220,869
515,116
1,975,263
109,340
Percent of Total
0.1
0.6
1.1
1.7
2.7
8.8
10.5
31.7
20.2
7.9
15.2
100.0
Average Federal Tax Rate 5
3.9
1.4
6.5
9.9
11.9
15.4
19.6
24.4
27.4
29.3
35.3
25.5
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐3).
* Less than 0.05
(1) Calendar year. Baseline is current law. Proposal implements the provisions of the Romney tax plan that have been specified by the campaign as of 03/01/12. The estimates do not include unspecified individual or corporate income tax base broadeners. For a detailed description of TPC's interpretation of the plan, see http://taxpolicycenter.org/taxtopics/romney‐plan.cfm. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. (5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. 2.3
0.2
3.1
6.6
9.0
12.0
15.2
18.6
19.5
19.9
23.3
18.3
1‐Mar‐12
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T12‐0038
Romney Tax Plan Without Unspecified Base Broadeners
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Level, 2015 Detail Table ‐ Head of Household Tax Units
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Percent of Tax Units with Tax Cut 3
9.5
37.0
86.9
95.0
97.8
99.2
99.2
99.7
100.0
99.4
100.0
74.5
Percent Change in After‐Tax Income 4
Share of Total Federal Tax Change
0.1
0.8
3.4
4.2
4.6
5.3
6.3
7.3
11.4
13.2
20.0
5.4
0.1
1.4
7.6
10.4
9.6
20.4
13.3
16.1
8.8
3.4
8.9
100.0
Average Federal Tax Change
Dollars
‐10
‐140
‐875
‐1,374
‐1,847
‐2,781
‐4,482
‐7,417
‐24,940
‐66,096
‐373,513
‐2,018
Percent
Share of Federal Taxes
Change (% Points)
2.2
17.6
‐76.5
‐30.9
‐23.5
‐21.4
‐21.3
‐21.0
‐31.2
‐32.3
‐34.7
‐26.8
‐0.2
‐1.3
‐1.8
‐0.5
0.5
1.9
1.3
1.6
‐0.5
‐0.2
‐0.8
0.0
Under the Proposal
‐0.8
‐3.4
0.9
8.5
11.5
27.4
18.0
22.2
7.1
2.6
6.1
100.0
Average Federal Tax Rate 5
Change (% Points)
Under the Proposal
‐0.1
‐0.9
‐3.3
‐3.7
‐3.9
‐4.3
‐4.9
‐5.4
‐8.4
‐9.4
‐12.7
‐4.5
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2015
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
2,630
5,290
4,577
3,986
2,750
3,859
1,567
1,144
185
27
13
26,121
Pre‐Tax Income
Average (dollars)
6,699
15,982
26,748
37,118
47,741
65,204
91,930
137,276
297,897
706,379
2,940,222
44,620
Federal Tax Burden
Percent of Total
1.5
7.3
10.5
12.7
11.3
21.6
12.4
13.5
4.7
1.6
3.2
100.0
Average (dollars)
‐437
‐797
1,144
4,451
7,850
13,007
21,070
35,325
79,946
204,722
1,075,913
7,536
Percent of Total
‐0.6
‐2.1
2.7
9.0
11.0
25.5
16.8
20.5
7.5
2.8
6.9
100.0
After‐Tax Income 4
Average (dollars)
7,136
16,779
25,604
32,667
39,891
52,197
70,860
101,951
217,951
501,657
1,864,309
37,084
Percent of Total
1.9
9.2
12.1
13.4
11.3
20.8
11.5
12.0
4.2
1.4
2.4
100.0
Average Federal Tax Rate 5
‐6.5
‐5.0
4.3
12.0
16.4
20.0
22.9
25.7
26.8
29.0
36.6
16.9
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐3).
* Less than 0.05
(1) Calendar year. Baseline is current law. Proposal implements the provisions of the Romney tax plan that have been specified by the campaign as of 03/01/12. The estimates do not include unspecified individual or corporate income tax base broadeners. For a detailed description of TPC's interpretation of the plan, see http://taxpolicycenter.org/taxtopics/romney‐plan.cfm. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. (5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. ‐6.7
‐5.9
1.0
8.3
12.6
15.7
18.0
20.3
18.5
19.6
23.9
12.4
1‐Mar‐12
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T12‐0038
Romney Tax Plan Without Unspecified Base Broadeners
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Level, 2015 Detail Table ‐ Tax Units with Children
Cash Income Level (thousands of 2011 2
dollars) Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Percent of Tax Units with Tax Cut 3
6.3
43.6
90.5
96.6
97.8
99.4
99.8
100.0
100.0
100.0
100.0
86.5
Percent Change in After‐Tax Income 4
Share of Total Federal Tax Change
0.4
1.2
4.3
4.9
5.1
5.4
6.4
7.8
10.9
13.7
19.1
9.1
0.0
0.3
1.7
2.2
2.4
6.2
7.6
25.0
21.3
9.6
23.6
100.0
Average Federal Tax Change
Dollars
‐24
‐202
‐1,125
‐1,623
‐2,051
‐2,892
‐4,682
‐8,537
‐23,531
‐68,923
‐370,241
‐7,010
Percent
Share of Federal Taxes
Change (% Points)
3.8
13.7
‐173.8
‐39.2
‐27.4
‐23.2
‐23.3
‐23.1
‐27.9
‐31.0
‐33.1
‐27.9
‐0.1
‐0.4
‐0.5
‐0.3
0.0
0.5
0.6
2.0
0.0
‐0.4
‐1.5
0.0
Under the Proposal
‐0.2
‐1.0
‐0.3
1.3
2.4
7.9
9.7
32.1
21.3
8.2
18.4
100.0
Average Federal Tax Rate 5
Change (% Points)
‐0.4
‐1.3
‐4.2
‐4.4
‐4.3
‐4.4
‐5.0
‐5.8
‐7.8
‐9.5
‐12.1
‐6.8
Under the Proposal
‐11.0
‐10.4
‐1.8
6.8
11.3
14.5
16.5
19.4
20.2
21.1
24.5
17.7
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2015
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
3,055
5,354
5,205
4,865
4,063
7,481
5,727
10,299
3,188
488
225
50,185
Pre‐Tax Income
Average (dollars)
6,104
16,179
26,687
37,231
47,981
66,213
93,379
146,387
301,180
726,899
3,052,860
102,460
Federal Tax Burden
Percent of Total
0.4
1.7
2.7
3.5
3.8
9.6
10.4
29.3
18.7
6.9
13.3
100.0
Average (dollars)
‐647
‐1,483
647
4,140
7,481
12,468
20,124
36,955
84,431
222,387
1,117,639
25,171
Percent of Total
‐0.2
‐0.6
0.3
1.6
2.4
7.4
9.1
30.1
21.3
8.6
19.9
100.0
After‐Tax Income 4
Average (dollars)
6,751
17,661
26,039
33,091
40,500
53,745
73,255
109,431
216,749
504,512
1,935,221
77,290
Percent of Total
0.5
2.4
3.5
4.2
4.2
10.4
10.8
29.1
17.8
6.3
11.2
100.0
Average Federal Tax Rate 5
‐10.6
‐9.2
2.4
11.1
15.6
18.8
21.6
25.2
28.0
30.6
36.6
24.6
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐3).
* Less than 0.05
Note: Tax units with children are those claiming an exemption for children at home or away from home.
(1) Calendar year. Baseline is current law. Proposal implements the provisions of the Romney tax plan that have been specified by the campaign as of 03/01/12. The estimates do not include unspecified individual or corporate income tax base broadeners. For a detailed description of TPC's interpretation of the plan, see http://taxpolicycenter.org/taxtopics/romney‐plan.cfm. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. 1‐Mar‐12
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T12‐0038
Romney Tax Plan Without Unspecified Base Broadeners
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Level, 2015 Detail Table ‐ Elderly Tax Units
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Percent of Tax Units with Tax Cut 3
17.0
24.3
57.6
83.3
89.9
97.8
99.4
99.6
100.0
100.0
100.0
67.9
Percent Change in After‐Tax Income 4
Share of Total Federal Tax Change
0.2
0.2
0.8
2.3
2.8
5.0
7.0
10.2
15.3
17.8
23.3
10.1
0.0
0.1
0.4
1.3
1.4
6.6
7.0
21.0
21.4
11.1
29.5
100.0
Average Federal Tax Change
Dollars
‐12
‐33
‐196
‐822
‐1,226
‐2,861
‐5,421
‐11,719
‐35,320
‐91,008
‐454,305
‐6,263
Percent
Share of Federal Taxes
Change (% Points)
‐18.3
‐23.8
‐26.3
‐37.6
‐34.3
‐37.2
‐36.4
‐38.1
‐41.7
‐41.4
‐39.5
‐39.2
0.0
0.1
0.1
0.0
0.1
0.2
0.3
0.4
‐0.8
‐0.4
‐0.1
0.0
Under the Proposal
0.0
0.3
0.8
1.4
1.8
7.2
7.9
22.0
19.4
10.1
29.2
100.0
Average Federal Tax Rate 5
Change (% Points)
Under the Proposal
‐0.2
‐0.2
‐0.7
‐2.2
‐2.6
‐4.4
‐5.9
‐8.1
‐11.2
‐12.5
‐14.6
‐8.0
Baseline Distribution of Income and Federal Taxes
1
by Cash Income Level, 2015
Cash Income Level (thousands of 2011 dollars) 2
Less than 10
10‐20
20‐30
30‐40
40‐50
50‐75
75‐100
100‐200
200‐500
500‐1,000
More than 1,000
All
Tax Units 3
Number (thousands)
2,834
8,975
5,212
3,903
2,851
5,623
3,151
4,366
1,477
296
158
38,882
Pre‐Tax Income
Average (dollars)
6,863
15,942
26,318
37,346
47,663
65,129
92,429
145,274
315,054
730,232
3,102,318
78,233
Federal Tax Burden
Percent of Total
0.6
4.7
4.5
4.8
4.5
12.0
9.6
20.9
15.3
7.1
16.1
100.0
Average (dollars)
65
140
743
2,188
3,578
7,696
14,878
30,753
84,789
219,716
1,150,954
15,974
Percent of Total
0.0
0.2
0.6
1.4
1.6
7.0
7.6
21.6
20.2
10.5
29.3
100.0
After‐Tax Income 4
Average (dollars)
6,798
15,802
25,575
35,158
44,085
57,434
77,551
114,521
230,266
510,516
1,951,364
62,259
Percent of Total
0.8
5.9
5.5
5.7
5.2
13.3
10.1
20.7
14.1
6.2
12.7
100.0
Average Federal Tax Rate 5
1.0
0.9
2.8
5.9
7.5
11.8
16.1
21.2
26.9
30.1
37.1
20.4
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐3).
* Less than 0.05
Note: Elderly tax units are those with either head or spouse (if filing jointly) age 65 or older.
(1) Calendar year. Baseline is current law. Proposal implements the provisions of the Romney tax plan that have been specified by the campaign as of 03/01/12. The estimates do not include unspecified individual or corporate income tax base broadeners. For a detailed description of TPC's interpretation of the plan, see http://taxpolicycenter.org/taxtopics/romney‐plan.cfm. For a description of TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units.
(4) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income. 0.8
0.7
2.1
3.7
4.9
7.4
10.2
13.1
15.7
17.6
22.5
12.4