Tagged: Taxes

During the presidential debate last night, President Barack Obama and Mitt Romney talked about their ideas to grow the economy. Here's how what they said matches up with our economist-approved presidential platform:

Eliminate certain deductions:

Here's something President Obama and Mitt Romney agree on: America's tax system is too complicated. Both men have outlined changes that are broadly similar, but with some important differences.

The Problem:

Today's tax code is like a department store, where the price tags are high, but there are lots of coupons, sales and weekend specials. That creates some inequities. Just as shoppers can pay different prices depending on which day they buy, taxpayers with the same income can pay very different rates depending on which deductions they qualify for.

Unless Congress passes legislation in a lame-duck session, taxes will be higher by a half-trillion dollars next year, costing the average household nearly $3,500 a year, according to a just-released report by the Urban-Brookings Tax Policy Center.

After studying details of the tax changes now set to take effect for 2013, the researchers were struck by "how big the tax increase is," said Eric Toder, one of those researchers. "It's a huge, huge number."

This story is part of our occasional series Fiscal Cliff Notes.

If the Bush-era tax cuts are allowed to expire, the majority of Americans will see their taxes rise. Those who will see the largest increase are the wealthy.

Dr. Hamilton Lempert, an emergency room doctor in Cincinnati, works almost exclusively on overnight shifts.