With the Presidential election on the horizon, taxes have been an extremely hot topic. Barack Obama and Mitt Romney have given some insight into their ideas on how to change the overly complex tax system. Both candidates have different ideas of how to achieve an optimal tax plan that is fair for US taxpayers, less complex than the current system, and fiscally sound.
Mitt Romney’s tax plan looks very appealing to the eyes since it seems he plans on cutting taxes for just about everyone. There has been much criticism on his plan because our country needs to increase revenues to cover the deficit. Romney claims that cutting taxes will actually keep revenues the same because it will grow the economy. Obama has a different approach and plans on raising the taxes on mainly the wealthy taxpayers and keeping them the same for the poor and middle class.
This is a visual comparison of the tax changes that the two major candidates are proposing if elected into the next term as President of the United States. With Mitt Romney’s plan, certain details remain to be seen. However, this is our best effort of a visual comparison between both candidates’ tax plans based on current public information.
Infographic Source: Back Taxes Help LLC
