Obama vs. Romney: 6 key differences on taxes, regulation
Did you know Obama wants to raise your taxes? Just in case you weren’t paying attention for the last 4 years…
—
Income tax rates are another area of contention that exposes the split between the left and right.
Under the Obama plan, those couples earning more than $250,000 a year would see their rate move back to 39.6% after the expiration this Dec. 31 of the Bush-era tax cuts that lowered it to 35%.
Romney calls for setting the highest tax rate at 25% and the lowest at 8%, down two percentage points from the current level. Ryan’s plan offers a clear choice when compared to Obama’s. He calls for creating two tax rates, 10% and 25%, to replace the six that currently exist.
Tax preferences are another matter. The Republicans would pay for lowering ordinary tax rates by eliminating certain deductions and credits. However, they have not said which of these would be targeted.
The Democrats call for a cap of 28% on itemized deductions as well as on health insurance provided by employers, municipal interest, retirement plan contributions and student loan deductions and expenses for higher education.
Publius Prime 