Romney's tax plan would lower families' taxes

Published: Wednesday, Feb. 29 2012 2:50 p.m. MST

FILE - In this Oct. 13, 2011 file photo, Republican presidential candidate former Massachusetts Gov. Mitt Romney speaks in Redmond, Wash. Romney's tax plan offers various changes to the current tax code.

Elaine Thompson, AP

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Unlike President Barack Obama, or Rick Santorum's tax plans, Mitt Romney's could actually be doable, according to the Washington Post.

Romney's tax plan is in line with policy among conservatives on Capitol Hill, according to the article.

The Romney team released a summary statement of his tax plan saying: "To repair the nation's tax code, marginal rates must be brought down to stimulate entrepreneurship, job creation, and investment, while still raising the needed revenue to fund a smaller, smarter, simpler government," according to the Washington Post.

The tax plan proposed by Romney would make permanent an across-the board 20 percent cut in marginal rates. This would decrease the tax on the next dollar of income earned by all taxpayers, according to the article.

Romney's "pro-growth" tax cuts would increase earnings in non-corporate businesses by 6 percent, according to the article. They would also increase investment by 10 percent, and business receipts by 16 percent.

The current tax rate of 15 percent on income from capital gains and qualified dividends would stay the same, according to the article. Romney's plan would also lower tax rates on lower- and middle-income groups by ensuring families with yearly earnings less than $200,000 pay no taxes on income acquired from capital gains, interest, or qualified dividends.

Click to read the full article at the Washington Post.

EMAIL: bbullock@desnews.com

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