Which is what?
All I've heard from him is raising the top marginal rate to 39.6% (resulting in ~70 billion/year) and closing loopholes for businesses that move overseas (17 million/year).
I know that cap gains is going to rise significantly under obamacare taxes.
What else is there? I would like to know. We've heard that Romney's plan is too vague, explain to me obama's plan, in specifics. At least give me a few bulletpoints that will lead me to believe that he will shrink the deficit without the economy growth.
Obama's plan broadly is as follows:
Let the Bush tax cuts expire on people making over $200k or $250k. That is primarily the cuts on dividends and cap gains.
Increase the top marginal rate back to 39.6%.
Those are the two main components with the biggest impacts. There are others like taxing carried interest as ordinary income instead of cap gains, etc, but those two I just mentioned are the big ones.
The reason Romney gets hammered about specifics is his plan calls for almost $500B in cuts that he promised to make up, primarily with eliminating deductions for individuals. Well, it has been shown, very clearly in fact, that he will have to do away with the majority of all deductions to accomplish this.
So, the question is as follows: Do you support a tax plan that gets rid of most itemized deductions to pay for a 20% rate reduction?
Are you aware of the distributional shift in the tax burden that will occur if you cuts rates 20% and do away with most itemized deductions.
Those are the two questions everyone needs to answer individually regarding the two plans.
This post was edited on 10/8 at 7:32 pm