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Obama vs Romney on taxes

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1Obama vs Romney on taxes Empty Obama vs Romney on taxes on 8/3/2012, 2:51 pm

Hospital Bob

Hospital Bob
Individual income tax rates: They are currently 10%, 15%, 25%, 33%, and 35%, having been set as part of the broader Bush tax cuts. Those rates are scheduled to expire at the end of the year.

Obama: Would make the Bush tax cuts permanent for everyone except those making more than $200,000 ($250,000 if married). For those high-income households, Obama would preserve the Bush tax rates at the low end (10%, 15% and 25%) but raise the top two rates to 36% and 39.6%.

Romney: Would reduce the current Bush-era rates by 20% apiece. So the top rate would fall to 28% and the bottom rate would fall to 8%.

Alternative Minimum Tax: Currently, unless Congress makes special adjustments for inflation to the amount of income exempt from the AMT, the so-called wealth tax would hit tens of millions in the middle class. Making the adjustment is costly; getting rid of the AMT altogether is really costly.

Obama: Would permanently adjust the AMT for inflation.

Romney: Would abolish the AMT.

Investment income tax rates: Long-term capital gains and qualified dividends are taxed at 15%. Interest is subject to ordinary income tax rates. For those at or below the 15% income tax bracket, however, they have a 0% capital gains and dividend rate.

Obama: Would raise the capital gains rate to 20% and tax dividends at ordinary income tax rates for those making more than $200,000 ($250,000 if married).

Romney: Would maintain the current investment income tax rates, but exempt from taxation all capital gains, dividends and interest for those with adjusted gross income up to $100,000 ($200,000 for married couples).

more here...

2Obama vs Romney on taxes Empty Re: Obama vs Romney on taxes on 8/5/2012, 12:47 am


It comes down to a choice between President Obama on the one hand and a person from the financial sector who wants to further cut taxes on the wealthy, presumably relying on the defunct trickle down theory.

It is good to get into the weeds and look at the fine print. When it comes right down to it, these statements by both men are campaign promises or propositions and have to go through congress in the long run. So even looking closely is not going to tell us what the final law will be.

Given all this I would rather go with the President. The economy has produced over 25 months of private job growth. Obama will be the first to admit and often says that we need to do much better. At least we are headed in the right direction.

Romney may be a businessman who knows how to make money. That's not the same thing as a businessman who knows how to create jobs. His job creation record in Mass. was terrible. Given his ties to the financial sector and his lack of experience creating jobs and his lack of disclosure on his own taxes I'd have to give Romney a thumbs down.
He did this same routine on not disclosing his taxes when he ran for Governor of Mass. He is a poster child for flip-flopping on issues so you can't depend on what he says anyway.

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