Politics
Election 2012: A win for Obama could cost Romney $5M in personal taxes
Under that scenario, Romney’s bill would still be US$3.5 million less than under Obama’s plan.
Kasprak expressed skepticism that Romney would target enough tax breaks to offset the tax cuts he proposes.
“You’d have to get rid of the vast majority of deductions and credits in the tax code to make it work, including some sacred cows like the mortgage interest deduction, child tax credit, etcetera,” Kasprak said.
Spokeswoman Andrea Saul said Romney envisions changes to create a “fairer and simpler tax system,” but did not give details.
Here’s how the plans the two candidates have described so far would play out in 2013. The numbers are from calculations by Citizens for Tax Justice, corroborated by the Tax Foundation (although it would use slightly lower figures for Obama that exclude employer-paid Social Security and Medicare payroll taxes):
