The experts at the Tax Policy Center released a report this morning on the distributional effects of base-broadening income tax reform.

The report concluded “that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lowerincome taxpayers.”

Romney’s abolishment of the alternative minimum tax, extension of bush era cuts, while cutting rates another 20%, would cause the budget to take a huge hit. Although Romney’s plan does not say where the paring would occur to offset these reductions in revenue, they would most probably come in the form of large reductions in tax expenditures and would likely result in a net tax increase for lower- and middle-income households and tax cuts for highincome households.

The report, written by Samuel Brown, William Gale and Adam Looney at the Urban Brookings Tax Policy Center,used as its baseline current policies that assumed that the 2011 tax law is permanent with the exception of the one-year payroll cut and temporary investments in place.

The Tax Policy Center says that the analysis is incomplete as Romney has not yet laid out the details of his plan.

The Tax Policy Center’s findings can be read here.(PDF)