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The Tax Policy Center said that for about 11 percent of tax filers, Romney's proposed 20 percent across-the-board tax cut would not be enough to offset the loss of tax benefits in the stimulus package. Those benefits include an expanded child credit, earned income credit and education credit. For those people, taxes would go up an average of nearly $900 for 2015, the center said. The tax center also said 70 percent of tax filers would get tax cuts averaging almost $4,300 under Romney's plan, something Obama's ad ignores. The claim that Romney supports a tax cut for millionaires is true. Romney's plan would drop the top tax rate from 35 percent to 28 percent. But other tax rates would drop, too. Corporations, as the ad says, also would gain under Romney's plan, which calls for cutting corporate taxes from 35 percent to 25 percent.
The claims about Obama's plan are generally on the mark. Obama wants to raise taxes on the wealthy to ensure they pay a minimum of 30 percent of their income. The president also wants to let the top tax rates go back up 3 to 4 points to 39.6 percent and 36 percent, respectively, and raise tax rates on capital gains and dividends for the wealthy. Obama also backs extending Bush-era tax cuts for everyone making under $200,000, or $250,000 for couples. As the ad says, Obama supports tax penalties for U.S. companies that outsource jobs. He wants to end subsidies to the oil industry, but has failed to persuade Congress to do so.
[Associated
Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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