Originally published on Fri October 5, 2012 11:17 am
Credit SAUL LOEB / AFP/Getty Images
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:
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.
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.
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."