The rich will of course get their massive tax cuts but the upper middle class will lose deductions and pay considerably more than before. LA Times:
Mitt Romney's budget plan would significantly raise income taxes for many families making between $100,000 and $200,000, analyses by leading Republican economists cited by the Romney campaign show.
The Republican analyses were designed to rebut the Democratic charge that Romney's plan would "increase taxes for the middle class." The studies conclude that the plan could work as Romney has said, but that doing so would require eliminating all or most deductions and credits for households with income over $100,000. That would include wiping out such popular tax provisions as the deductions for mortgage interest, charitable contributions and state and local taxes.
Campaign debate so far has largely focused on the 2% of taxpayers with the highest incomes — whose taxes President Obama wants to increase — and those with earnings in the middle range of U.S. incomes. Much less attention has focused on the large number of families whose incomes are twice the national median or higher but whom Romney has defined as part of the middle class.