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Sunday, August 12, 2012

Romney, Ryan, and Taxes

Don't Mess With Taxes, Ryan v. Romney on Taxes:

Tax Romney Ryan
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
AMT
Repeal Repeal
Estate tax Repeal Repeal

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Comments

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 4:20:34 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 7:57:52 PM