Mitt Romney and President Barack Obama each unveiled proposals Wednesday for overhauling the federal tax code.
Not surprisingly, the two plans differed significantly. Here, though, is the bottom line: Romney wants to cut tax rates not only lower than what Obama proposes — but even further than what Romney himself outlined less than six months ago.
"Romney’s new plan, which goes further than the blueprint he released last September, reflects the political pressure he has faced in recent weeks to offer bold policy prescriptions to help him beat back a fierce challenge on his right from former Pennsylvania Sen. Rick Santorum," the Washington Post reported.
Just as Romney's tax plan appears to be a campaign-minded move, Obama's team hopes the president's proposal "will provide a campaign talking point for President Barack Obama," Politico notes.
Writing for Reuters, Kim Dixon details the mindset behind Obama's tax-reform road map: "Though it has little chance of becoming law in an election year with Congress deeply divided on fiscal issues, Obama's plan aligns him roughly with the Republican presidential challengers and could minimize the corporate tax rate as a political issue. The president proposed cutting the top corporate rate to 28 percent from 35 percent, addressing a long-standing gripe by U.S. corporations that the rate is too high."
The Washington Post offers a thorough comparison of the latest tax plans from Romney, Obama, Santorum, Newt Gingrich and Ron Paul.
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