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The charge that Romney was a corporate raider has vexed his team since he first ran for the Senate in 1994 against incumbent Edward M. Kennedy. It still fuels the image of Romney as a wealthy executive out of touch with average Americans. The suggestion that Romney was personally attempting to destroy businesses for his own profit is a stretch, given his political ambition and worries that deals would haunt him in future runs. Romney, who filed for an extension on his 2011 taxes, as he has in past years, was expected to pay a rate that is lower than most wage earners because his income comes mostly from investments that are treated more favorably under tax laws than earned income. Democrats have unsuccessfully sought to change the tax code to make wealthier individuals pay higher rates on such investments. President Barack Obama has campaigned hard for what he calls "the Buffett Rule," named after investor Warren Buffett, who objects to paying a lower tax rate on his investment income than his secretary pays on her salary. The Senate rejected Obama's plan this week. The ad also dings Romney's tax plan. The nonpartisan Tax Policy Center has estimated that the richest Americans would see their tax bills drop if Romney were to eliminate the Alternative Minimum Tax and were successful in extending Bush-era tax cuts. The top 1 percent of wage earners would see an average tax cut of $150,000
-- roughly equal to a 7.8 percent cut in their rates, the think tank found. The claims on Medicare and education are both based on Romney's endorsement of a House GOP budget plan. It's unlikely to be approved because of opposition in the Democratic-controlled Senate.
[Associated
Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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