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Romney Would Save $5 Million In Taxes If He Wins The Election

By Pat Garofalo on June 4, 2012 at 4:05 pm

"Romney Would Save $5 Million In Taxes If He Wins The Election"

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According to an analysis from Citizens for Tax Justice, 2012 GOP presidential nominee Mitt Romney would save himself $5 million in taxes in 2013 by winning November’s election (assuming he could get his tax plan enacted into law).

Under his plan, Romney’s tax rate would fall from its current 14.7 percent to 13.1 percent, while under Obama’s tax plan, Romney would pay a 34.3 percent rate. The difference in these rates means about $5 million for Romney’s tax bill. The Associated Press laid out what causes that divide:

Romney wants to lower current tax rates for everyone by 20 percent. This benefits the wealthy most: Dropping the highest bracket from 35 percent to 28 percent, for example, yields a much bigger savings for those at the top than lowering the 15 percent bracket to 12 percent brings for taxpayers in that group.

Romney also would eliminate the much-despised alternative minimum tax, which hits the rich and some middle-class taxpayers, too. He wants to repeal Obama’s health care law and its taxes.

According to the financial disclosure that he dropped late last week, Romney’s net worth is between $190 million and $250 million. Even before he revised his plan to include a 20 percent cut in the top income tax bracket, Romney’s tax plan was going to save him a substantial amount of money.

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