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Election 2012: Where are taxes headed?

How Obama, Romney differ on tax reform

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in Small Business Tax,Small Business Tax Deduction Strategies

Compare the two sides on tax issuesAs 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)

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