Monday, September 10, 2012

Obama And Romney Propose Same Top Tax Rate For The Rich: 28 Percent

From John Goodman's Health policy Blog, "Fact-Checking the President" by John Goodman:
President Obama said that we must get our fiscal house in order; that he was willing to work with Republicans to get that done; and that the road map for starting the process is the Simpson/Bowles commission report.

Whoa. What is Simpson/Bowles? For those who haven’t been paying attention, Alan Simpson and Erskine Bowles were the two co-chairs of President Obama’s debt commission — a bipartisan effort to deal with the long-term deficit. Among other things they called for fundamental tax reform, with a top marginal tax rate of 28%.

So what rate is Mitt Romney proposing for the highest income earners? Answer: 28%.

No, that isn’t a misprint. Apparently, if Mitt Romney recommends a maximum 28% tax bracket, that’s a giveaway to the rich. But if President Obama’s own deficit commission recommends the exact same tax rate, that’s sensible tax reform!

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