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Romney criticizes Obama’s tax proposal; offers glimpse of his own

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CHANDLER, Ariz. — Mitt Romney on Wednesday criticized President Obama’s proposal to lower the corporate tax rate to 28 percent, saying that “he’s actually raising taxes on businesses by hundreds of billions of dollars.”

Though Obama’s plan would cut the tax rate paid by corporations, the Romney campaign cited several analyses saying it would raise the revenue it collects from the business sector by eliminating certain tax benefits that help spur job growth.

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Romney did not elaborate during a campaign rally at a Christian school here, but he went on to offer a glimpse of a new economic policy proposal he plans to formally unveil on Friday, a plan that would result in “more jobs, less debt and smaller government,” he said.

The plan, details of which have been trickling out all week, would permanently reduce the marginal tax rate by about 20 percent across the board as well as usher in plans to reform entitlements and balance the budget, Romney said Wednesday. He emphasized the plan would include assurances that the top 1 percent of earners pay their fair share.

“I’m going to limit the deductions and exemptions particularly for the higher income folks,” he said. “For high income folks, we’re going to cut back on that, so that we ensure that the top 1 percent keeps paying the current share they’re paying and more. We want middle income Americans to be the place that we focus because it’s middle income Americans who have been hurt by this Obama economy.”

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