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GOP presidential candidates' tax plans would benefit the rich
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Oct 26, 2011 10:56pm |
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| Category | News |
| News Date | Thursday, October 27, 2011 04:55:00 AM UTC0:0 |
| Description | By Steven Thomma | McClatchy Newspapers
WASHINGTON — The Republican Party is catching flat-tax fever — and setting up an epic election-year fight with Democrats over whether wealthier Americans should pay higher taxes or get tax cuts.
Republican presidential candidate Mitt Romney became the latest to punch the tax button Wednesday, telling a Virginia audience that he'll soon update his economic proposal to spell out ways to flatten the tax code.
His vow came just a day after rival Rick Perry grabbed headlines and talk-show chatter with a proposal for an optional flat 20 percent tax on income. Both followed Herman Cain's pitch for a flat 9 percent income tax as part of his 9-9-9 plan, which helped him jump to the top tier of candidates for their party's 2012 nomination. Newt Gingrich and Michele Bachmann endorse a flat tax, too.
The flat tax — so called because it offers one flat rate for taxpayers in all income groups while taking away many or all deductions — would simplify taxes. It also would almost certainly give big tax cuts to wealthy Americans. Republicans believe that cutting taxes, especially on the wealthy, helps to spur investment, economic growth and hiring.
At the same time, most of the Republican candidates are proposing other changes that also would mean big tax cuts for high-income Americans, such as eliminating taxes on dividend income or capital gains, and eliminating the estate tax, called the death tax by Republicans.
Their push comes at the same time that Democratic President Barack Obama is pushing to raise taxes on higher-income Americans. He's proposed raising taxes on those making more than $200,000 and has endorsed a push by Senate Democrats to raise taxes on incomes above $1 million. |
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