President Barack Obama meets with Mario Orosa, left, of North Canton, Ohio, and other winners of the “Dinner With Barack” campaign fundraising contest at Smith Commons Dining Room and Public House in Washington, on Friday, Oct. 12, 2012. (AP Photo/Jacquelyn Martin)
WASHINGTON (AP) — Good luck figuring out whether Republican presidential candidate Mitt Romney would cut or raise your taxes if he’s elected president. President Barack Obama promises tax reform, too, but precious little detail.
Unlike Romney, Obama wants to make sure any tax reform produces a big new chunk of revenue to address the deficit. Yet it’s difficult to do that and not hit the middle class. It’s Romney’s far more ambitious tax plan, however, that has become front and center in the presidential campaign.
Romney promises a 20 percent cut in tax rates, but he won’t say which deductions he’ll kill to pay for it. He promises a wholesale rewrite of the tax code that would cut income tax rates across the board, taking the top rate from 35 percent to 28 percent.
Romney’s plan offers the dessert of sweeping tax cuts but not the vegetables of how he would pay for it. He and running mate Paul Ryan — his House GOP budget plan promises an even lower top tax rate of 25 percent — say they’ll curb tax breaks and rely on fresh revenue from economic growth to recoup the cost.
Obama would instead raise that top rate to 39.6 percent, making clear he’s still wedded to the idea that individuals with incomes above $200,000 and couples earning above $250,000 should pay more. It’s never gotten anywhere on Capitol Hill, even Login to read more