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The Presidential Debate Turns to Taxes
The second debate between President Obama and Governor Romney is underway from Hofstra University in New York, and the candidates just finished debating tax policy. Governor Romney spoke first and described his tax plan that would reduce tax-rates on middle-class taxpayers while closing deductions. He also proposed completely eliminating the tax on all capital gains, interest, and dividends for middle-class taxpayers. President Obama countered that the math behind Governor Romney’s tax plan does not add up, and therefore, taxes under a Romney administration would have to go up for middle-class families. One thing that didn’t seem to be expressed by either candidate, or at least not expressed strongly enough, was that by lowering tax rates, economic growth might increase. To learn more about the research we’ve been doing all year on taxes, check out our “tax policies” page.