A team of ex-Clinton and Obama officials have a tax reform plan that would raise $1.8 trillion over ten years. Is it a good idea?
Minimum taxes are a good idea in theory. But their effect on marginal rates is concerning.
The U.S. capital gains tax burden is the fourth highest of developed countries.
The candidates' tax burdens vary a lot depending on how the code is reformed.
If you're not willing to raise the capital gains rate, for instance, you probably can't achieve base-broadening, rate-lowering tax reform that doesn't increase taxes on the middle class. That's why the Simpson-Bowles plan eliminated the preferential rate for capital gains.
The disagreement among economists isn't about whether people like Romney are paying too little. It's about whether or not they're paying too much.
While we don't know a lot about Mitt Romney's tax burden, we do know that it was recently around 15 percent, due to a loophole in the tax code that he himself has signalled he wants to repeal. But now he's sounding more like he wants to keep it around.