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Post by duke on Jul 11, 2012 8:32:42 GMT -5
How Mitt Romney and President Obama Would Fare Under Their Two Competing Tax Plans June 4, 2012 Nothing better illustrates the difference between President Obama and Mitt Romney when it comes to taxes than how each of them would fare under their competing tax plans. Citizens for Tax Justice has done the calculations for 2013, based on what the two candidates have proposed. The differences are striking. In a nutshell, Obama thinks that very high income people, especially the super-rich like Romney, ought to pay more in taxes to support the country that helped make their success possible. Romney thinks that the big winners in our society, especially the biggest winners like himself, ought to pay a lot less. Mitt Romney: Under his own tax plan, Mitt Romney would pay only 13.1 percent of his $23 million income in federal income tax, Social Security tax and Medicare tax. Under Obama's plan, Romney would pay a 34.3 percent federal tax rate President Obama: Under his own tax plan, President Obama would pay 28.4 percent of his $874,000 income in federal income tax, Social Security tax and Medicare tax. Under Romney's plan, Obama would pay only an 18.1 percent federal tax rate. <snip> ctj.org/ctjreports/2012/06/how_mitt_romney_and_president_obama_would_fare_under_their_two_competing_tax_plans.phpSo which person is attempting to make life for themselves tax cheaper?
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