Governor Romney's 2012 tax plan is less specific. The plan calls for the elimination of the estate tax, the lowering of the corporate tax rate to 25%, and making the Bush tax cuts permanent. However, beyond that it promises only a flatter system with corporate taxes moved to a territorial system.
“The best course in the near term is to overhaul and to dramatically simplify the current tax code, eliminate taxes on savings for the middle class, and recognize that because we tax investment at both the corporate and individual level, we should align our combined rates with those of competing nations. Lower taxes and a simpler tax code will help families and create jobs.”
In numerous interviews, debates, and political literature, Governor Romney has stated that he opposes any and all tax increases and that he favors the lowest tax rate possible. Governor Romney supported the Bush tax cuts and making them permanent. In 2008, he stated that the Bush tax cuts helped get our economy going again when we faced the last tough times.
Romney and Republicans want to extend all the Bush tax cuts for now to prevent any increase, while Obama says the lower rates should not continue for the wealthiest 2% of Americans to bring more fairness to the system. Both sides call for comprehensive tax reform after the election as part of necessary deficit reduction steps. The issue touches on the foundations of the nation's political divide, with Republicans driven by their conservative base seeking to shrink government to reduce deficits while Democrats want a blend of spending cuts and more tax revenue in order to maintain what they consider essential services and entitlement programs.
Presumptive Republican presidential nominee Mitt Romney supports extending the Bush tax cuts to give the winner of the 2012 election time to put policies in place without facing the so-called fiscal cliff in January. No matter who is elected in November, Romney told CNBC's Larry Kudlow in an interview airing on Monday night, the winner should have "at least six months or a year" to put policies in place without facing the looming spending cuts and tax hikes that would be set to kick in two months later if lawmakers do not act. "Let's extend where we are now, as opposed to looking at a cliff in January that would cause, well, real distress for the economy," Romney said.
Mr. Romney’s tax plan — which calls for permanently extending the Bush administration’s tax cuts, reducing the corporate income tax rate and eliminating the estate tax — would cut the taxes of people earning more than a million dollars a year by an average of $295,874, according to an analysis by the Tax Policy Center, a nonpartisan research group.
Romney was addressing questions about President Barack Obama’s plan to extend Bush-era tax cuts for everyone but the wealthiest 2 percent of Americans. Romney and other Republicans charge that would harm many small businesses that would fall in that category. “So if he raises these taxes on the wealthy, he’s raising taxes on small business; that kills jobs,” Romney said. “If your priority in this country is to punish success, vote for President Obama. If your priority is to create more success and more jobs, vote for me.”
Make Bush tax cuts permanent. Lower corporate tax rate across the board to 25%. Cut taxes and regulations to encourage business. Cut "non-security discretionary [government] spending" by 5% to reduce deficit.
Lowering taxes grows the economy. Lowering taxes helps build jobs & helps working families, and so I strongly have been of the view that one of the great lessons for Ronald Reagan was that lowering taxes helped built our economy. Sen. McCain was one of two Republicans who voted against the Bush tax cuts. I believe the Bush tax cuts helped our economy grow and are one of the reasons that we’re not in a recession today Senator McCain continues to believe that that was the right vote to take, and I respect that that’s his view. I just happen to disagree with it. As governor, I fought tirelessly to reduce taxes.
I support the Bush tax cuts. The Bush tax cuts helped get our economy going again when we faced the last tough times. That’s why right now, as we face tough times, we need to have somebody who understands, has the private sector, the business world, the economy in their DNA. I do. I spent my life in the private sector. I know how jobs come & how they go, and I’ll make sure that we create more good jobs for this nation. One way to do that is by holding down taxes & making those tax cuts permanent.