Obama's Advisers Favor Romney's Tax Reform | Alan Reynolds | Cato Institute: Commentary

Obama's Advisers Favor Romney's Tax Reform | Alan Reynolds | Cato Institute: Commentary: "When it comes to tax policy, the main difference between Romney's and Obama's National Commission on Fiscal Responsibility and Reform and Bipartisan Policy Center's Debt Reduction Task Force advisers is that Romney proposes 1) a slightly lower corporate tax rate, and 2) a much lower bottom rate of 8 percent rather than 12 percent."

"Romney's plan is even tougher than a proposal from economist Martin Feldstein, which would limit deductions as a percentage of adjusted gross income (AGI). Romney instead proposes a very tight lid on the total of itemized deductions — during the first presidential debate, he suggested a cap no higher than $25,000 to $50,000."

"Unlike the Obama plan, the Romney plan would collect huge revenues from many "millionaires and billionaires" such as Warren Buffet and Mitt Romney"