Mitt Romney has written an op-ed piece for the Wall Street Journal describing his vision for tax reform and tax relief. He identifies problems with the tax code as one of our countries top problems:
- record-breaking unemployment
- deficit spending
- big inefficient government & lack of leadership
- screwed up tax code
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.
Romney lists 5 specific changes he would implement if he were elected the next US president:
- across-the-board 20% reduction in marginal individual tax rates
- reduce the corporate tax rate to 25%, transition from a world-wide taxation system to a territorial one, and make the R&D tax credit permanent
- maintain the low 15% rate on capital gains & eliminate it entirely for those earning below $200,000
- get rid of the AMT and the death tax
- bring stability to the tax code by making these changes permanent
Read the full op-ed piece here. I’m not sure how he would achieve #5, although it sounds great. So would that mean the Turbo Tax software I purchase in 2012 would also work for tax years 2013, 2014, 2015 . . . ?!