August 12, 2012
Romney, Ryan, and Taxes
Don't Mess With Taxes, Ryan v. Romney on Taxes:
|Individual income tax rates||Reduce all current tax rates by 20%, creating six rates of 8%, 12%, 20%, 22.4%, 26.4% and 28%
||10% rate on income up to $50,000 for single filers and $100,000 for joint filers; 25% on taxable income above these amounts. Eliminate most tax deductions, credits and exclusions but increase the standard deduction and personal exemption amounts. Taxpayers also would have the option to use existing tax laws if that provided a better filing result.|
|Corporate taxes||25% U.S. tax rate and for multinational corporations a territorial system where taxes basically would be collected only by the countries in which the money was made||Replace corporate income tax with a border-adjustable business consumption tax of 8.5%|
|Investment taxes||No tax on any investment income for individuals with adjusted gross income of less than $200,000; 15% tax on interest, dividends and capital gains for individuals making $200,000 or more||No taxes on any investment earnings regardless of taxpayer's income
- The Atlantic: Mitt Romney Would Pay 0.82% in Taxes Under Paul Ryan's Plan, by Matthew O'Brien
- Center on Budget and Policy Priorities: Ryan Roundup: Everything You Need to Know About Chairman Ryan’s Budget
- Forbes: Romney, Ryan and Reagan: The Winning Team?, by Kelly Phillips Erb
- The New Republic, Why Ryan Makes Romney's Tax Problem Even Worse
- Politico: Mitt Romney, Paul Ryan Have Some Taxing Differences, by Steven Sloan
- Talking Points Memo: Under Paul Ryan’s Plan, Mitt Romney Would Pay Virtually No Taxes, by Benjy Sarlin
- Tax Policy Center: 2013 House Republican Budget Proposal (Excluding Unspecified Base Broadeners): Impact on Tax Revenue, 2012-22
- Tax Vox Blog, Paul Ryan’s Budget Plan: More Big Tax Cuts for the Rich, by Howard Gleckman
- Washington Post: Ryan Wants to Give the Wealthy Even Bigger Tax Cuts Than Romney Does, by Suzy Khimm
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The New Republic (we're all tittering over Harry Reid's wild accusation that Romney paid no taxes for the past decade) -- now, there's a tax source for you, when The NYT (Mr. Ryan has drawn a blueprint of a government that will not be there when a miner needs more than a hardhat for protection.) and The Village Voice (Ryan used to be a waiter at a Mexican restaurant) come up short.
Posted by: Woody | Aug 12, 2012 7:20:34 PM
We need another column for comparing Obama's tax plan: Pass the biggest tax increase in history, lie about its cost, and and call it everything but a tax.
It's Official: Obamacare Is a $1 Trillion Net Tax Hike
CBO's new score of Obamacare shows that it is a net tax hike of $1 trillion over the next decade.
Posted by: Woody | Aug 12, 2012 10:57:52 PM