As the presidential election draws closer, tax reform is definitely on the table. President Obama and Mitt Romney have offered different tax proposals.
Strategy: Compare the two sides on tax issues. This could help determine your choice when you cast your ballot on Nov. 6.
A lot can change between now and Election Day, but here’s a capsule summary of the latest points of view:
Individual income taxes
Tax rates are scheduled to be automatically adjusted upward in 2013 with the two top brackets moving to 36% and 39.6%, up from the current top two rates of 33% and 35%.
Obama: Make the “Bush tax cuts” permanent for all taxpayers except single filers with income above $200,000; $250,000 for joint filers. Specifically, Obama would preserve the current Bush tax rates for the lowest three existing brackets (10%, 15% and 25%) but raise the top two rates to 36% and 39.6%.
Romney: Reduce the current rates by 20% each. Thus, the bottom rat...(register to read more)