Romney Campaign Press Release - Romney Tax Plan Creates Jobs, Strengthens Middle Class

"I believe we must make the tax code simpler and fairer. We must reduce tax rates for job creators to promote economic growth. And we must still raise enough revenue to stop the endless borrowing that threatens American prosperity." —Mitt Romney

The Romney Plan: "High-Income People Don't Pay Lower Taxes. Middle-Income People Will Pay Lower Taxes." "'A fundamental principle of my tax reform plan is that high-income people do not receive a tax cut, Point One. Point Two, middle-income people get some tax relief with no tax on interest, dividends, and capital gains,' Mr. Romney said. 'Under no circumstances whatsoever will there be a tax increase for middle-income Americans.' ... 'Our plan is we're reducing  the tax rate, and we're also reducing deductions and exemptions so that revenues to the government remain the same, and so high-income people don't pay lower taxes. Middle-income people will pay lower taxes because I'm eliminating the tax on interest, dividends and capital gains,' Mr. Romney said." (Toledo Blade, 9/27/12)

Romney On Taxes — Pro-Growth, Pro-Jobs, Pro-Reform:

Fundamental reform of the tax code will make it simpler, flatter, and fairer — while promoting job growth and encouraging savings, investment, and innovation.

• High-income Americans continue to pay the same level as they do today
• Cut taxes for the middle class, making it easier to save for college and retirement
• Lower rates for everyone while cutting back on deductions and eliminating loopholes — benefiting small businesses and making the code simpler

Cut Marginal Rates, Repeal The Alternative Minimum Tax, And Eliminate Taxes On Savings & Investment For The Middle Class: America's individual tax code applies relatively high marginal tax rates on a narrow tax base. Those high rates discourage work and entrepreneurship, as well as savings and investment. With 54 percent of private sector workers employed outside of corporations, individual rates also define the incentives for job-creating businesses. Lower marginal tax rates secure for all Americans the economic gains from tax reform.

• Make permanent, across-the-board 20 percent cut in marginal rates
• Maintain current tax rates on interest, dividends, and capital gains
• Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
• Eliminate the Death Tax
• Repeal the Alternative Minimum Tax (AMT)

Cut The Corporate Tax Rate To Spur Competitiveness: The U.S. economy's 35 percent corporate tax rate is the highest in the industrial world, reducing the ability of our nation's businesses to compete in the global economy and to invest and create jobs at home. By limiting investment and growth, the high rate of corporate tax also hurts U.S. wages.

• Cut the corporate rate to 25 percent
• Strengthen and make permanent the R&D tax credit
• Switch to a territorial tax system
• Repeal the corporate Alternative Minimum Tax (AMT)