We retired Tax Justice Blog in April 2017. For new content on issues related to tax justice, go to www.justtaxesblog.org
Mitt Romney appears to have a lot at stake in the upcoming election when it comes to his own federal taxes.
If Obama wins and gets his tax plan adopted, then Romney will pay an effective federal tax rate of 34.3 percent.
If Romney wins and he successfully promotes the tax plan that his running mate, Paul Ryan, proposed in 2010 (the only Romney-Ryan tax plan spelled out in any detail), then Romney will pay only 0.4 percent.
The dollar difference, per year: $7.7 million!
In contrast, Obama would actually raise his own tax rate to 28.4 percent and Romney would lower it 18.1 percent, saving Obama some $67,000.
Note: All these figures are based on the income and deductions reported on Romney’s 2010 federal tax return, the only return he has yet been willing to release.
