Infographic of the Day: Romney vs Obama Tax Plans Compared

October 15th, 2012
in econ_news, syndication

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Note: Econintersect has not validated the graphic below for accuracy but it has been prepared by a source which is considered non-partisan.

With the Presidential election on the horizon, taxes have been an extremely hot topic. Barack Obama and Mitt Romney have given some insight into their ideas on how to change the overly complex tax system. Both candidates have different ideas of how to achieve an optimal tax plan that is fair for US taxpayers, less complex than the current system, and fiscally sound.

Mitt Romney’s tax plan looks very appealing to the eyes since it seems he plans on cutting taxes for just about everyone. There has been much criticism on his plan because our country needs to increase revenues to cover the deficit. Romney claims that cutting taxes will actually keep revenues the same because it will grow the economy. Obama has a different approach and plans on raising the taxes on mainly the wealthy taxpayers and keeping them the same for the poor and middle class.

 

 

http://www.backtaxeshelp.com/tax-blog/tax-news/obama-vs-romney.html

 

 

 

 









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3 comments

  1. Paul Hanly says :

    "Romney claims that his plan will be revenue neutral. The planned tax cuts will be funded by *(undisclosed)* limiting tax deductions, closing loopholes & creating economic growth." ("undisclosed" was added and emphasized by me.)

    This is snake oil salesmanship at its best.

    Every lost deduction is effectively an increase in someone's effective tax rate and reduction in their "net of transfers and taxes" income.

    Every loophole closed is effectively an increase in someone's tax rate and reduction in their "net of transfers and taxes" income.

    Every lost bit of spending from which you no longer benefit directly or indirectly is a reduction in someone's "net of transfers and taxes" income.

    Romney is asking for a mandate to effectively reduce the income of a group of people that he will not disclose until after the election.

    Given Romney's statements to those who participated in the Primaries, middle and lower socio-economic America might reasonably expect that it will be there transfers, deductions and loopholes that are lost.

    If Americans accept Romney's strategy of not telling whose dedeuctions, transfers and loopholes will be lost/closed, then it will reaffirm that "you get the government you deserve".

    Romney and Obama both need to be asked for both sides of their tax and spending plans (increases and decreases) and 4 year budget estimates and net debt target after 3 years (when the campaigning begins again).

    They both ought also be hammered on the basic identity of GDP and the interaction of government spending with a deleveraging private sector.

    It is unfortunately too late in this cycle for MMT to be properly explained and debated.

  2. ****-

    It is impossible for the US to pay for additional tax cuts proposed by Romney across the board and cut the deficit at the same time. The GW Bush tax cuts contributed $2Trillion to the Debt without affecting growth or developing new jobs. All of this occurred even before Obama took Office. In fact, we lost 8 million jobs under the GW Bush Administration.

    What makes people believe that Romney is the Goose with the Golden Eggs under his Tax Cut Plan? What is his plan to eliminate or limit deductions? Nothing has been presented to the Public for our election decision. The numbers just don't match up!

    Watch out America for another round of Education and Social Welfare cuts if Romney gets elected, including Social Security, Medicaid and Medicare.

  3. klipper says :
    ***--

    Poor Paul, still can't define the word "Broke." Yes, both candidates lie and the Middle Class will take it in the neck. It always has, always will, because that's where most of the money is. I just hope Romney is lying about his support for military spending. we desparately need to cut spending, and everyone will share in the pain. Oh, and those who talk about "paying for tax cuts," assume that all spending to date is immutable, but most of it is downright duplicative and wasteful, and helps no one except politicians, lobbyists and special interests - certainly not the little guy. Anyone who thinks more spending helps the Middle Class is just plain naive. Tax cuts are a return of people's capital and there should be more of them. We should be starting at this election to phase out all tax deductions and loopholes, 10% per year over a 10-year period, particularly the mortgage interest deduction. Otherwise my bumper sticker will become reality - "Wanna be Greece? Vote Obama!"





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