PRLog (Press Release) -
Oct. 19, 2012 - Mitt Romney plans to change the way that American's pay tax. He is proposing to junk the Alternative Minimum Tax, in order to cut the corporate income tax. He also wants to let the stimulus’s expansion of the Earned Income Tax Credit and other credits targeted at working families expire. What this effectively means, is that if you loop in the $25,000 cap, you may find yourself paying more tax in the future than you currently are. In an easy to explain manner, the poorest Americans would actually see their tax bills rising by just over 2% of their income. However, in contrast, the richest people of the United States would get tax cuts of over 6%. While it all makes sense in way or another, in realistic terms, Mitt Romney's Tax Plan makes no sense whatsoever. American's would be paying more tax next year than they currently are this year.
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