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!
Correcting misconceptions about markets, economics, asset prices, derivatives, equities, debt and finance
Monday, September 10, 2012
Obama And Romney Propose Same Top Tax Rate For The Rich: 28 Percent
Posted By Milton Recht
From John Goodman's Health policy Blog, "Fact-Checking the President" by John Goodman:
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