Republican Mitt Romney, hours before the next GOP debate, proposed an overhaul of the US tax system on Wednesday that he said would cut Americans' tax rates by 20 percent and limit deductions for the wealthy.

 

Romney unveiled his proposals just hours after President Barack Obama offered a plan of his own to revamp the corporate tax system, calling for a cut in the corporate tax rate and the closure of many business tax loopholes.

Adding some details to his earlier tax proposals, Romney's plan would put the top tax rate at 28 percent, down from the present 35 percent.