Obama vs Romney on Tax Rates


Obama vs Romney on Tax Rates

Posted on May 21, 2012 by Paul White

Recently I was reading the Economist, and they had an article that talked about what Obama and Romney really want to do with regards to taxes and revenues. This was the first time I had ever seen both candidates proposals laid out side by side.

Pulled from the April 21st 2012 Issue of the Economist.
( Highly recommend this magazine for political junkies )


Barack Obama
Mitt Romney
Corporate Taxes
Lower rate to 28% from 35%, minimum tax on foreign earnings
Lower rate to 25%, eliminate tax on foreign earnings
Personal Taxes
Return top rates to 36% and 39.6% from current 33% and 35%, impose 30% minimum "Buffet Rule" for millionaires
Cut all rates by 20% top rate would fall to 28%
Capital Gains, Dividends
Raise capital gains rate to 20% from 15%; tax dividends for affluent as ordinary income
Eliminate for taxpayers earning under $200,000
Medicare
Indepenent Payment Advisory Board recommends remedies if cost grow too quickly
Raise eligibility age; vouchers competing with traditional Medicare
Medicaid
Under Obamacare, expanded to families earning 133% of poverty level in 2014
Convert to block grants
Social Security
No Proposal
Raise retirement age
Federal Spending
22.2% of GDP by 2017
Below 20% by 2017 ( end of first term )
Deficit
2.5% of GDP by 2017
Will balance budget ( no date promised )
China
New "trade enforcement unit" to monitor compliance by China and others
Designate China a currency manipulator
Global Warming
EPA limits on CO2 emissions by cars, factories, utilities
Prohibit EPA from regulating CO2 emissions
Regulation
Keep Dodd-Frank financial reform; eliminate redundant rules selectively
Replace Dodd-Frank with new, unspecified framework; cap cost of new regulations at zero

After reading through the differences between the two candidates, I am leaning more towards Romney. Lower tax rates, and more friendly to investors under 200K. Although their goals mean nothing if they can't get them through congress. I wonder how many of these things can be executed via an executive order? I still wish all loopholes and specialized deductions were wiped out, as the tax rates mean nothing if certain businesses are getting a hook up from the government.

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