Romney’s Tax Plan Would Save Him Millions — But Not As Much As Gingrich’s Would

TIME ^ | Jan 25, 2012 | By STEPHEN GANDEL

[Jim Robinson]

Republican Presidential candidate Mitt Romney would save $3.4 million a year — roughly 85 times the total pre-tax income of the average American citizen — if the tax plan he advocates were enacted in the year that he is seeking to be President. In fact, Romney’s policies would not only shrink what he pays to the government, they would also boost his income, and roughly double the amount of money that he can pass along to his children when he dies.

~~snip~~

But what Romney’s tax release did underscore is the fact that these days many wealthy American’s pay a surprisingly low percentage of their income in taxes. What’s more, all of the tax proposals put forth by the Republican candidates, Romney included, would significantly lower what Romney and other wealthy Americans can expect to pay in taxes come 2013. And as a result, all of the plans are likely to significantly add to the national debt as well.

Ironically, it’s Gingrich’s plan that would lower Romney’s personal tax bill the most. “If Romney was really greedy, he would drop out of the race and endorse Newt,” says Bob McIntyre, director of the liberal group Citizens For Tax Justice. Under Gingrich’s proposal, Romney would pay almost no federal income taxes, saving him nearly $6.4 million a year in 2013. Romney would also save money under the tax plan of Rick Santorum, who is also running for the Republican nomination, than under his own plan.

Perhaps unsurprisingly, the tax plan that would be least friendly to Romney’s wallet would be Obama’s. Under the tax plan the President proposed last year, Romney would pay nearly $4 million more in taxes in 2013 than he did in 2010.

[SunkenCiv]

Thanks TheOldLady.