From the American Enterprise Institute:
What Is Actually Included in Romney's Tax PlanTechnorati tags: politics Obama Barack Obamacongress government gop news
In order to objectively assess the claims made by the critics, let’s begin by looking closely at the key components of Romney’s proposal:
- Reduce statutory income tax rates 20 percent, from 10, 15, 25, 28, 33, and 35 percent to 8, 12, 20, 22.4, and 28 percent.
- Reduce the corporate tax rate from 35 percent to 25 percent.
- Repeal the Alternative Minimum Tax for individuals and corporations.
- Repeal the estate tax.
- Eliminate, curtail, and reform numerous special provisions in the tax code—the credits, deductions, and exclusions that cause complexity, compliance problems, distortions, and inefficiencies.