Tax Cuts
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![theatlantic:
The Agonizing, Complicated Politics of Mitt Romney’s Tax Plan
Mitt Romney has two tax principles. First principle: I’m cutting taxes. Second principle: “People at the high end” should pay the same share of total taxes. Sounds simple enough. It isn’t.
About that first principle: Romney wants to extend the 2001/2003 tax cuts cuts permanently and cut each marginal tax rate by a fifth. That would bring the top marginal tax rate, now at 35 percent, down to 28 percent. To make up some lost revenue, he says he’d eliminate some deductions and exemptions.
About that second principle: “People who are at the high end” stand to keep a lot of extra money when Romney cuts their tax rates by 20 percent. But they won’t pay a higher share of overall taxes? Something’s gotta give.
Read more. [Image: Derek Thompson]](http://25.media.tumblr.com/tumblr_m5xcvnflHt1qcokc4o1_500.png)
The Agonizing, Complicated Politics of Mitt Romney’s Tax Plan
Mitt Romney has two tax principles. First principle: I’m cutting taxes. Second principle: “People at the high end” should pay the same share of total taxes. Sounds simple enough. It isn’t.
About that first principle: Romney wants to extend the 2001/2003 tax cuts cuts permanently and cut each marginal tax rate by a fifth. That would bring the top marginal tax rate, now at 35 percent, down to 28 percent. To make up some lost revenue, he says he’d eliminate some deductions and exemptions.
About that second principle: “People who are at the high end” stand to keep a lot of extra money when Romney cuts their tax rates by 20 percent. But they won’t pay a higher share of overall taxes? Something’s gotta give.
Read more. [Image: Derek Thompson]
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The question of when is probably more important than the question of whether.”
-Sen. Carl Levin (D-Mich.). Levin, Armed Services Committee chairman, is optimistic that a debt deal will be reached before the November elections.
“Eighty or 90 percent of us would really like to avoid it,” Levin said regarding a middle-class tax hike that will go into effect in 2013 if action isn’t taken by Congress.
Obama urges tax cuts for families under $250,000
Watch: Obama talks middle class tax cuts with N.H. media
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