Would Mitt Romney actually raise taxes on 95 percent of Americans?

A nonpartisan think tank crunches the numbers, and they're not pretty: Under Romney, middle-class families could see their tax bills jump by hundreds of dollars

Mitt Romney's plan will hit the pocketbooks of middle- and low-income families, according to the Tax Policy Center.
(Image credit: J.D. Pooley/Getty Images)

This week, the Tax Policy Center, a nonpartisan think tank run by the Brookings Institution and the Urban Institute, released a provocative report showing that Mitt Romney's tax plan would raise taxes on 95 percent of Americans. The Republican has promised a raft of specific tax cuts as well as a balanced budget, a feat that would be impossible to accomplish without drastically increasing tax revenue, severely cutting spending, or both. Romney has refused to explain in detail how he would avoid a massive deficit, only vaguely suggesting that he could make the numbers work by scrapping other tax benefits and loopholes. The Tax Policy Center crunched the numbers for all the loopholes that could possibly be closed, and came to a conclusion that many tax experts have long suspected: Romney's plan would result in a huge break for the rich, and burden the middle and lower tax brackets with a bigger bill. Here, a guide to the ins and outs of Romney's tax plan:

What is Romney's tax plan, exactly?

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