Dueling Tax Plans from Obama and Romney

Posted February 23, 2012 by Editor

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• Both plans offer significant reductions in corporate tax rates paid for with a broader tax base  Romney’s plan has the advantage of no longer picking winners and losers because Obama’s plan would favor manufacturing and clean energy.  
• Romney’s plan offers a 20% cut in personal tax rates compared to higher tax rates on upper income proposed by Obama.
• The Romney plan would return the top tax rate to the Reagan era 28%.  But the lost revenue must come from somewhere, meaning that loophole closings will fall very heavily on upper incomes in the Romney plan.   Just remember the top marginal tax rate fell to 28% in 1986 but didn’t stay that low for long.

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