Romney believes, to repair the nation’s tax code, marginal rates must be brought down to stimulate entrepreneurship, job creation, and investment, while still raising the revenue needed to fund a smaller, smarter, simpler government. For individual taxes he feels that lower marginal tax rates secure for all Americans the economic gais from tax reform.
His plan for individual taxes includes: making permanent, across-the-board a 20 percent cut in marginal rates; maintainig current tax rates on interest, dividends, and capital gains; eliminating taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains; eliminating the Death Tax; and repealing the Alternative Minimum Tax (AMT).
As for coporate taxes, Romney believe that by limiting investment and growth, the high rate of corporate tax is hurting U.S. wages. His plan to resolve the issues includes: cutting the corporate rate to 25 percent; stregthening and making permanent the R&D tax credit; switching to a territorial tax system; and repealing the corporate AMT.
[More at MittRomney.com]
President Obama believes in tax cuts for middle-class-families and small businesses. The President proposed the Buffett Rule, asking millionaires and billionaires to do their fair share. He believes with this rule in place, families earning under $250,000 a year will not be suseptible to tax increases.
The President has asked Congres to take action to reform our tax code and close tax loopholes for millionaires and billionares, as well as hedge fund managers, private jet owners, and oil companies.
[Read more at BarackObama.com]
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