Obama: Wants to raise taxes on the wealthy and ensure they pay 30 percent of their income at minimum. Supports extending Bush-era tax cuts for everyone making under $200,000, or $250,000 for couples. But in 2010, agreed to a two-year extension of the lower rates for all. Wants to let the top two tax rates go back up 3 to 4 percentage points to 39.6 percent and 36 percent, and raise rates on capital gains and dividends for the wealthy. Health care law provides for tax on highest-value health insurance plans. Together with Congress, built a first-term record of significant tax cuts, some temporary.
Romney: Keep Bush-era tax cuts for all incomes and drop all tax rates further, by 20 percent, bringing the top rate, for example, down to 28 percent from 35 percent and the lowest rate to 8 percent instead of 10 percent. Curtail deductions, credits and exemptions for the wealthiest. End Alternative Minimum Tax for individuals, eliminate capital gains tax for families making below $200,000 and cut corporate tax to 25 percent from 35 percent. Does not specify which tax breaks or programs he would curtail to help cover costs.
Obama: Approved the raid that found and killed Osama bin Laden, set policy that U.S. would no longer use harsh interrogation techniques, a practice that had essentially ended late in George W. Bush's presidency. Largely carried forward Bush's key anti-terrorism policies, including detention of suspects at Guantanamo Bay despite promise to close the prison. Expanded use of unmanned drone strikes against terrorist targets in Pakistan and Yemen. The deadly attack by militants on the U.S. Consulate in Benghazi, Libya, in September raised questions that persist about the quality of U.S. intelligence and about why requests for added security there were denied before the assault.
Romney: No constitutional rights for foreign terrorism suspects. In 2007, refused to rule out use of waterboarding to interrogate terrorist suspects. In 2011, his campaign said he does not consider waterboarding to be torture.
Obama: Ended the Iraq war, increased U.S. troop presence in Afghanistan then began drawing down the force with a plan to have all out by the end of 2014. Approved U.S. air power in NATO-led campaign that helped Libyan opposition topple government. Major cuts coming in the size of the Army and Marine Corps as part of agreement with congressional Republicans to cut military spending over a decade.
Romney: Proposes increase in military spending. Endorses 2014 end to U.S. combat in Afghanistan. Would increase strength of armed forces, including number of troops and warships, adding almost $100 billion to the Pentagon budget in 2016. In addition, criticized congressional Republicans for negotiating a deficit-cutting deal with the White House that will mean automatic and massive cuts in Pentagon spending next year if federal budget deal is not reached in time.
Associated Press writers Ben Feller, Matt Apuzzo, Ricardo Alonso-Zaldivar, Stephen Ohlemacher, Alan Fram, Dina Cappiello, Ken Thomas, Jim Kuhnhenn and Christopher S. Rugaber contributed to this report.
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