For some people this alone would be a reason to torpedo President Obama.
WASHINGTON — To see where the presidential candidates stand on taxing the rich, just look at how they’d tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama’s tax plan. For a man of Romney’s means, that could save almost $5 million a year.
For Obama, not so loaded as Romney but still well-off, losing re-election could provide a tax windfall. He’d save as much as $90,000 a year if Romney’s plan were enacted rather than his own tax-the-rich vision.
“There’s quite a difference at higher incomes between the Obama and Romney plans,” said Gil Charney, principal tax researcher for the Tax Institute at H&R Block. “Obama is looking at the rich – millionaires and billionaires – as a source of additional revenue to the government, where Romney is looking at them as a potential spark for economic growth.”
Obama’s plan would hit couples making more than $250,000 per year from several directions, raising their tax rate, dunning them more for investment income, and limiting their tax deductions. People like Romney with earnings from private equity management would lose a big tax break. And Obama would establish a rule, named after billionaire Warren Buffett, to ensure that households taking in more than $1 million a year pay at least 30 percent in taxes.
Obama’s health care law, already in place, also raises Medicare taxes on the wealthy, especially big investors, starting in 2013. That could cost Romney more than $800,000.
I would worry, but they have proven time and again to be so bad at this kind of stuff that I’m not going to bother my pretty little head. Mark the calendar.
Washington (CNN) - Eager to prove they have a governing agenda if rewarded with majority control, House Republicans plan to unveil what amounts to a campaign blueprint this Thursday in suburban Virginia, GOP sources tell CNN.
The much anticipated announcement comes after a nearly three-month long listening session with the public on-line and through town hall meetings, dubbed “America Speaking Out.”
Many GOP strategists call such an agenda – like the 1994 Contract with America – a critical missing ingredient for Republicans this election season to help give voters a reason to vote for GOP lawmakers, not just against Democrats.
A senior GOP leadership aide working on the project tells CNN that it will focus mostly on economic priorities like creating jobs and reducing spending.
More broadly, the themes covered in the agenda are jobs, spending, health care, national security and reform of congress itself.
Unlike the Contract with America in 1994, which was presented with a big signing ceremony on the steps of the Capitol, this time House Republican leaders will lay out the details during a press conference at a hardware story in Sterling following a meeting with small business leaders.
And while the Contract with America was 10 items, this is expected to be about 20.
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