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News Link • Politics: Republican Campaigns

Romney Calls for 20% Cut in Tax Rates Before Arizona Debate

• Lisa Lerer and Julie Hirschfeld Davis

Feb. 22 (Bloomberg) -- Mitt Romney called for a 20 percent across-the-board cut in personal income tax rates today as part of an effort by his campaign to turn the focus of the Republican presidential primaries back to economic issues.

Romney's plan would lower the top tax rate to 28 percent for individuals from 35 percent now, cut corporate taxes to 25 percent from 35 percent, eliminate the estate tax and scrap the alternative minimum tax. It also would limit the deductions, exemptions and credits that are currently available to higher- income Americans.

"We are going to cut back on that so we make sure the top 1 percent keeps paying, paying the current share they're paying or more," Romney told a campaign rally in Chandler, Arizona. "We want middle-income Americans to be the place we focus our help, because it's middle-income Americans that have been hurt by this Obama economy."

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