Following up on last week's post, Laffer: Gingrich's Tax Plan Beats Romney's: Anthony J. Nitti (WithumSmith & Brown, Aspen, CO), Gingrich Versus Romney, the Tax Proposals:
[W]e’ve culled through each candidate’s published proposals and campaign rhetoric in an attempt to create a comprehensive comparison of their respective plans for tax reform, culminating in this “Tale of the Tax Tape,” if you will.
Newt Gingrich
Comparison of Key Tax Considerations
Mitt Romney
Remain at 35%; 15% if optional “flat tax” elected Top Ordinary Rate
Remain at 35% Remain at 15%; 0% if optional “flat tax” elected Long Term Capital Gains Rate
0% for taxpayers with AGI < $200,000; 15% for everyone else Remain at 15%; 0% if optional “flat tax” elected Qualified Dividends Rate
0% for taxpayers with AGI < $200,000; 15% for everyone else. Taxed at ordinary rates; 0% if optional “flat tax” elected Rate on Interest
0% for taxpayers with AGI < $200,000; ordinary rates for everyone else Offer individual taxpayers an optional 15% flat tax Tax Code Reform
Start with Bowles-Simpson Commission approach; lower rates and broaden tax base Eliminated Estate Tax
Eliminated Maximum 12.5% rate Corporate Income Tax
Maximum 25% rate Switch to “territorial system“ International Tax Reform
Switch to “territorial system” Full expensing of capital expenditures Capital Expenditures
100% bonus deprecation extended 1 year No tax on corporate capital gains; replace payroll tax with personal accounts Miscellaneous
End American Opportunity tax credit for college education; lower payroll taxes
- Americans for Tax Reform, 2012 Presidential Candidate Tax Plan Comparison
- NPR, A Comparison of Candidates' Tax Plans
- Tax Foundation, Presidential Candidate Tax Plan Comparison
- Tax Policy Center, Tax Proposals by Republican Presidential Candidates
