GOP presidential front-runner Mitt Romney cast his new tax plan, which includes an across-the-board 20 percent income tax cut, as conservative, amibitious and unique among the plans offered up by his rivals in a Wall Street Journal op-ed on Thursday morning.
"My plan is conservative in a way that stands out not only from President Obama's failed approach of higher taxes and runaway deficit spending, but also from the say-anything-to-get-elected fiscal recklessness of some of my Republican rivals," Romney wrote. "Offering gimmicky proposals that rely on implausible levels of economic growth and blow huge holes in the budget is easy."
Simply put, Romney's goals are "more jobs, less debt, and smaller government," he wrote. His proposal slashes the individual tax rate from 35 percent to a permanent cap of 28 percent and reduces corporate rates from 35 to 25 percent. It also does away with the alternative minimum tax, cuts the estate tax, and freezes the current 15 percent rate on capital gains for all individuals making more than $200,000 a year.
Restoring America's promise requires ousting President Obama, Romney wrote, "but let's not replace the president's profligacy with pie-in-the-sky proposals that saddle future generations of Americans with heavy burdens."
Among the three GOP presidential candidates whose tax and spending plans would increase the national debt, according to a new study, Romney's would do so by the smallest amount, The Washington Post reported. However, the tax plan, which Romney introduced on Wednesday, may change that calculation by slashing federal revenues by as much as $3.5 trillion over the next decade, according to a professor cited by The Post.
Still, Romney described his plan as "far-reaching," but practical: "It will bring us a federal government that does what it needs to, that lives within its means, and that uses pro-growth tax policy to raise necessary funds and not a dollar more."