Romney 2012?

Last time I blogged, I outlined the very ambitious tax plans of Herman Cain and Rick Perry, who at that time were looking like strong contenders in the 2012 republican presidential race.  How quickly things change!  Infidelities and flubs have all but eliminated both candidates from the race (Cain officially, and Perry for all practical purposes).  With Mitt Romney currently leading the race, I thought it might make sense to summarize what he has to say about taxes.  His plan is pretty straightforward, though much less specific than some of the others we’ve seen. Individual Tax Rates

  • Maintain low marginal tax rates
  • Make the lower tax rates for investment income put in place by Bush permanent
  • Eliminate the death tax
  • Pursue a conservative overhaul of the current tax system that includes lower and flatter rates on a broader tax basis

Corporate Tax Rates

  • Reduce corporate tax rates
  • Switch from a “worldwide” tax system to a “territorial” tax system, in which income is taxed only in the country in which it is earned  (this would relieve U.S. corporations that repatriate profits from paying higher U.S. tax rates on those profits)

I’m certainly not an expert on taxation, but it seems that Romney’s plan is more viable than some of the more extreme plans promoted by other candidates.  What remains to be seen is whether Romney will ever have the opportunity to implement his tax plan.

Source:  Believe in America: Mitt Romney’s Plan for Jobs and Economic Growth