This afternoon, Nevada Governor Brian Sandoval proposed restructuring the state's existing $200 annual Business License Fee into a quarterly graduated tax that is calculated based on a business's total revenue and...
- CNN Quotes Tax Foundation on Mitt Romney's Tax Plan
CNN Quotes Tax Foundation on Mitt Romney's Tax Plan
By Charles Riley
NEW YORK (CNNMoney) -- In a switch to a more aggressive tax plan, Mitt Romney said Wednesday that he now favors cutting marginal tax rates for individuals by 20%.
The candidate had previously said he would "maintain current tax rates on personal income" as president before moving to a "fairer, flatter, simpler tax structure" in the future.
Now Romney appears to be accelerating that timetable, announcing a move that would reduce the current top rate paid on income from 35% to 28%, with similar reductions across all tax brackets.
For example, Americans in the lowest bracket would pay 8% instead of 10%. Americans closer to the middle would pay 20% instead of 25%.
The policy change comes as Rick Santorum, once considered a long shot, sits at the top of national polls and is neck-and-neck with Romney in the latest surveys in Arizona and Michigan -- which both hold primaries Tuesday.
The candidate's initial economic plan -- released in September -- was billed by the Romney campaign as "the most detailed plan for economic growth and job creation of any presidential candidate."
But it fell flat with some influential conservatives, including the Wall Street Journal editorial board, which labeled the proposals "surprisingly timid and tactical."
The Tax Foundation, a think tank that generally advocates for lower tax rates, said that Romney's initial plan for the individual code "really takes no step toward fundamental reform."
Join the Tax Foundation's fight for sound tax policy Go
Tax Policy Blog
The official weblog of the Tax Foundation.
Tax By State
For information on your state, select it from the drop-down menu.
Ask a Tax Expert
Contact information for Tax Foundation policy staff Ask