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This 20% tax cut for all taxpayers, proffered by Mitt Romney is a total ruse. First of all, it is relatively impossible to calculate the cost of the entire program--suggested by many to be $5 trillion--but one thing about it is unmistakably true: It represents a huge tax cut for the wealthy. Take Mitt Romney for example. He "earned" $21 million last year. And his tax bill on this income was at 13.3%, or $2,793,000. Let's say he is elected and his income stays the same. A 20% reduction on his "last year's tax would amount to $558,600. Thus his new tax bill will be $2,344,400. How many jobs do you think Mitt will create with this extra $558,600?
If you said zero, I would say you are correct. But Mitt says small business owners need this money to help them create jobs. That is the biggest argument I can think of, so many will get the big tax break and never use it.