Taxes

  1. A fundamental principle of my tax reform plan is that high-income people do not receive a tax cut, Point One. Point Two, middle-income people get some tax relief with no tax on interest, dividends, and capital gains. Under no circumstances whatsoever will there be a tax increase for middle-income Americans.”

    -

    Mitt Romney in an interview with the Toledo Blade.

    Romney visited the American Spring Wire Corp. factory in Bedford Heights, a suburb of Cleveland, Wednesday for a town-hall-style event where he discussed his tax reform plans and job creation in the manufacturing industry.

    toledoblade.com »

  2. huffingtonpost:

Under Ryan’s most recent proposal, the way Americans pay taxes would be markedly different. Taxpayers would fit into two tax brackets: Individuals falling in the top tax bracket would pay a rate of 25 percent, while those who fall into the lower bracket would pay 10 percent. (Ryan’s 2010 Roadmap plan went further, eliminating all taxes on capital gains, inheritance and interest. Such cuts would have permitted individuals like Mitt Romney, who derives much of his income from those sources, to get away with paying nothing in taxes.)
To balance Ryan’s proposed $4 trillion in tax cuts, many federal programs would have to be drastically revamped. The Atlantic’s Derek Thompson estimates 40 percent cuts in transportation and education spending, and 24 percent cuts to veterans’ programs, among others.
Paul Ryan’s ‘Path To Prosperity’ Hurts In These 10 Ways

    huffingtonpost:

    Under Ryan’s most recent proposal, the way Americans pay taxes would be markedly different. Taxpayers would fit into two tax brackets: Individuals falling in the top tax bracket would pay a rate of 25 percent, while those who fall into the lower bracket would pay 10 percent. (Ryan’s 2010 Roadmap plan went further, eliminating all taxes on capital gains, inheritance and interest. Such cuts would have permitted individuals like Mitt Romney, who derives much of his income from those sources, to get away with paying nothing in taxes.)

    To balance Ryan’s proposed $4 trillion in tax cuts, many federal programs would have to be drastically revamped. The Atlantic’s Derek Thompson estimates 40 percent cuts in transportation and education spending, and 24 percent cuts to veterans’ programs, among others.

    Paul Ryan’s ‘Path To Prosperity’ Hurts In These 10 Ways

    huffingtonpost »

  3. PoliticsPA: 

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.

    PoliticsPA

    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.

  4. Instagram photos by Samra Khawaja

    President Obama on Thursday brought his “middle class” tour to the richest county in the country: Loudoun county, Va.

    Thousands of supporters waited for hours in extreme heat conditions to hear the President speak in front of the oldest high school in the county, Loudoun County High School.  In the neighborhood across the from school, some residents welcomed the president and his supporters by decorating their front lawns with Mitt Romney posters.

    "Virginia, I have a different plan for America," Obama said. "We do not need tax cuts for wealthy Americans. We need it for working Americans."

    Supporters responded as Obama hammered Romney’s “simple idea” economic plans by chanting “four more years.”

    Obama reminded Loudoun County residents and Virginians of their success throughout his speech. Obama even cited recent Olympic gold medalist Gabrielle Douglas of Virginia Beach as an example of the talent in the state.

    Obama won Virginia by about five points in 2008, becoming the first Democrat since 1964 to win the state in a presidential election.

    "We won Loudoun last time; if we win Loudoun this time, we’ll win Virginia," Obama said. "And if we win Virginia, we’ll win the election."

    After the 25-minute speech ended, first time event goers like Mary Yakush and Helen Van Ryan said it was worth the long wait.

    "I think people are going to have to work really hard to ensure that Obama does win," said Yakush. "But I think he can win."

    "People just need to get out there and vote," said Van Ryan. "If those who are eligible to vote, vote, then Obama can win by a landslide again."


  5. Photos and reporting by Laura Fong

    President Obama stopped in Akron Wednesday, where he spoke to a lively crowd of approximately 3,000 about his “vision for the middle class.”

    The Obama campaign released an Ohio-specific report this week titled “Two Visions for Middle Class Taxes,” which contrasts Obama’s plan for tax reform with Mitt Romney’s.

    "Romney says he’s going to cut the deficit by $5 trillion, and who gets the bill for that? You do!" Obama said, pointing to the lively crowd gathered at the John S. Knight Center in downtown Akron.

    According to the report, Obama’s plan is to maintain the middle-class tax cuts and implement additional taxes on families with income over $250,000 per year.

    The President told Ohioans today that he wants to keep money in the pockets of working families, and tax those who can afford to be taxed.

    kentwired.com »

  6. huffpostpolitics:

    Americans support raising taxes on the rich by a two-to-one margin, with many believing an increase would both help the economy and make the tax system fairer, according to a Pew poll released Monday afternoon.

    Forty-four percent of adults surveyed said that raising taxes on incomes above $250,000 would help the economy and increase fairness, while 22 percent said it would hurt the economy and 21 percent that it would make the system less fair.

    http://huff.to/LwaBh8

    huffpostpol »

  7. 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]

    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]

    The Atlantic »

About The 12

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.

Read more »

Submit your ideas

Do you have interesting news, notes, quotes, campaign materials or multimedia that we should feature? Do you have something to report about young voters?

Talk to us »

Contributors to The 12

View contributor bios »

alison-noon

alison-noon

haleykmetz

haleykmetz

jakepdeschuiteneer

jakepdeschuiteneer

justinlagore

justinlagore

mechellehankerson

mechellehankerson

news-junkie

news-junkie

ngjennings

ngjennings

remadebyjade

remadebyjade

rileyjsnyder

rileyjsnyder

ryankellett

ryankellett

sarahglen

sarahglen

tessafox

tessafox

thatgoeshere

thatgoeshere

washingtonpostpolitics

washingtonpostpolitics

zachtilly

zachtilly