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Sunday, February 12, 2012

Gingrich's Tax Plan v. Romney's Tax Plan

Following up on last week's post, Laffer: Gingrich's Tax Plan Beats Romney's: Anthony J. Nitti (WithumSmith & Brown, Aspen, CO), Gingrich Versus Romney, the Tax Proposals:

[W]e’ve culled through each candidate’s published proposals and campaign rhetoric in an attempt to create a comprehensive comparison of their respective plans for tax reform, culminating in this “Tale of the Tax Tape,” if you will.

Newt Gingrich

Comparison of Key Tax Considerations

Mitt Romney

Remain at 35%; 15% if optional “flat tax” elected

Top Ordinary Rate

Remain at 35%
Remain at 15%; 0% if optional “flat tax” elected

Long Term Capital Gains Rate

0% for taxpayers with AGI < $200,000; 15% for everyone else
Remain at 15%; 0% if optional “flat tax” elected

Qualified Dividends Rate

0% for taxpayers with AGI < $200,000; 15% for everyone else.
Taxed at ordinary rates; 0% if optional “flat tax” elected

Rate on Interest

0% for taxpayers with AGI < $200,000; ordinary rates for everyone else
Offer individual taxpayers an optional 15% flat tax

Tax Code Reform

Start with Bowles-Simpson Commission approach; lower rates and broaden tax base
Eliminated

Estate Tax

Eliminated
Maximum 12.5% rate

Corporate Income Tax

Maximum 25% rate
Switch to “territorial system

International Tax Reform

Switch to “territorial system”
Full expensing of capital expenditures

Capital Expenditures

100% bonus deprecation extended 1 year
No tax on corporate capital gains; replace payroll tax with personal accounts

Miscellaneous

End American Opportunity tax credit for college education; lower payroll taxes

http://taxprof.typepad.com/taxprof_blog/2012/02/-gingrichs-tax.html

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Comments

does anyone have the data ready to complete a third column for Obama's proposals? That would make for a really interesting comparison.

Posted by: nemo | Feb 13, 2012 12:05:01 AM

Nemo, I will be completing that column this afternoon after the president releases his 2013 budget, and reposting on double-taxation.com. thanks,

Tony

Posted by: tony | Feb 13, 2012 6:06:27 AM