Politics
Election 2012: A win for Obama could cost Romney $5M in personal taxes
Bob McIntyre, director of Citizens for Tax Justice, said Romney’s savings for the wealthy come at the expense of everyone else.
“If we have more tax cuts for the rich, or even keep the ones we have now, then somebody’s got to pay for it,” McIntyre said, either in higher taxes or by losing government services.
At the Tax Foundation, Kasprak called Romney’s plan a step in the right direction because it would lower tax rates overall and thin the tangle of deductions and credits. He called Obama’s proposal “complex and arbitrary.”
Odds of either candidate getting his full plan through Congress after the November 6 election are slim. Efforts to reform the tax code have been mired in partisan bickering for years. But pressure is building to do something.
“Just because Romney wins or Obama wins doesn’t mean that what they’re proposing becomes law,” said Charney of H&R Block. “What may be more likely is bits and pieces happening.”
Copyright 2012. The Associated Press
