Tax Plan
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This morning, President Obama’s campaign announced the release of a new online map that shows state-by-state how the middle class will have lower tax rates under Obama – as compared to proposed tax reform plans by Republican presidential candidate Mitt Romney.
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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 12 is a group Tumblr of The Washington Post and student journalists in 12 battleground states documenting the 2012 presidential election and capturing perspectives of young voters.
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