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Thursday, February 23, 2012

Romney Wins Me With New Tax Proposal

This morning, Mitt Romney penned his new, bolder tax plan in the WSJ. In short, it could be the game changer and the push to the right that we all need. He is now on record as saying that he wants lower corporate taxes (including for S corporations and LLCs and a bold 0% rate for manufacturers), 20% income tax rate reductions across the board (even for those above that rhetorical $200K figure), maintaining capital gains rates at 15% and lowering it for those under $200K and repealing the AMT altogether. The AMT, keep in mind, started out as a "Buffett-like tax" in 1969, hitting only the wealthiest 150 people or so and now hits some 30 million.

While I still think he has some basic flaws (saying that deductions for "the 1%" might be phased out and enforcing that $200K income figure, as well as not admitting that RomneyCare was a mistake, among others), I think his economic plan is the most attractive and realistic at this point. And yes, even though I think he might be far too timid when facing a debate against Obama, I believe he has the best shot if he can articulate his economic reforms, which (along with repealing Obamacare, which he pledged 100 times) is the most important issue in the U.S. today. And with advisers like Greg Mankiw and Glenn Hubbard, he has some great help on this issue.

Yes, I can now say that I am happy with seeing Romney win the nomination.