In less than a week Mitt Romney and President Barack Obama will face off in the first of three debates. The focus is domestic policy, and taxes will undoubtedly be a key topic.
President Obama wants to extend the Bush-era tax cuts for all but those earning more than $250,000. Romney wants to extend those tax cuts for all including top earners, cut individual rates another 20%, and eliminate the capital gains tax, making up for all revenue losses by closing loopholes.
Both plans assume that tax cuts help boost economic growth but a new report released by the Congressional Research Service questions the impact of tax cuts for the wealthiest Americans. The nonpartisan CRS says cuts in the top marginal tax rate and top capital gains tax rate "do not appear correlated with economic growth."
The report says cutting top tax rates don't appear to boost saving,Read More »from Tax Cuts for the Wealthiest Don’t Stimulate the Economy: Report