Republicans Adds Another Tax Plan to the Mix
Everyone has a tax plan. President Obama has one. So do Mitt Romney, Rick Santorum, Ron Paul and Newt Gingrich.
And on Tuesday, House Republicans added yet another proposal to the mix.
The plan, designed by Reps. Dave Camp and Paul Ryan, mostly builds on their budget from last year, but it joins an already crowded field of election year proposals from Republicans clamoring to capture the Grand Old Party’s imagination.
In broad strokes, the Republican plans aren’t that different. They would all lower taxes. But each plan has a different prescription for getting there.
The current code includes six brackets for income tax rates. Ryan and Camp want to cut that number to two: 10% and 25%.
Tax plan: Lower rates, fewer brackets
That sounds a lot like the plan from Santorum, which calls for two rates of 10% and 28%.
Meanwhile, Romney would keep six brackets, while cutting 20% from each, so that the top rate of 35%, for example, would fall to 28%.