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Tuesday, September 06, 2011

Romney to Unveil Economic Plan Tomorrow

Mitt Romney shares a preview of his economic plan with USA Today this morning. While the full plan details will be released tomorrow, I like what I've heard of it so far.

First, President Obama has raised or threatened to raise taxes on both individuals and businesses. I would press hard in the opposite direction. Marginal income tax rates and tax rates on savings and investment must be kept low. Further, taxes on interest, dividends and capital gains for middle-income taxpayers should be eliminated. Our corporate tax rate is among the world's highest. It leaves U.S. firms at a competitive disadvantage and induces them to park their profits abroad, benefiting the rest of the world at our expense. I will fix these problems with permanent solutions. Ultimately, I will press for a total overhaul of our overly complex and inefficient system of taxation.

He also talks about cutting spending, repealing Obamacare and costly regulations. It sounds good so far and should contrast 180 degrees with Obamanomics.