To see where the presidential candidates stand on taxing the rich, just look at how they’d tax themselves. Under his own proposal, Mitt Romney would pay half of what he would under President Barack Obama’s tax plan. For a man of Romney’s means, that could save almost $5 million a year. For Obama, who’s less wealthy than Romney but still well-off, losing re-election could provide a tax windfall. He’d save as much as $90,000 a year if Romney’s plan were enacted rather than his own tax-the-rich vision. Two nonprofit research groups, the liberal-leaning Citizens for Tax Justice and conservative-leaning Tax Foundation, did the calculations, based on the most recent completed tax returns released by the candidates. Compared with what they owed in April, both men would be dinged in 2013 under Obama’s proposal, along with other wealthy taxpayers. They could expect savings under Romney’s proposal, depending on which tax breaks the former Massachusetts governor decides to oppose. Obama’s plan would hit couples making more than $250,000 per year from several directions, raising their tax rate, dunning them more for investment income, and limiting their tax deductions. People like Romney with earnings from private equity management would lose a big tax break. Check out the full story here for the complete calculations by Citizens for Tax Justice and the Tax Foundation.
Today’s poll question: Are you in favor of raising taxes on those earning more than $250,000 a year?
