‘Barack Obama laid down the battle lines for the presidential election Tuesday night as he promised a “fairer” tax regime on the day Mitt Romney, the leading Republican contender, revealed that he paid federal income taxes at an effective rate of just 13.9% in 2010.
‘The comparatively low rate reflects the fact that most of Mr Romney’s income is taxed as capital gains, an issue that Mr Obama tackled head-on in his State of the Union address.
‘The US president said tax reform and budget reduction should be guided by the principle that anyone with annual income of more than $1m should pay a minimum effective tax rate of 30%.’
‘Barack Obama laid down the battle lines for the presidential election Tuesday night as he promised a “fairer” tax regime on the day Mitt Romney, the leading Republican contender, revealed that he paid federal income taxes at an effective rate of just 13.9% in 2010.
‘The comparatively low rate reflects the fact that most of Mr Romney’s income is taxed as capital gains, an issue that Mr Obama tackled head-on in his State of the Union address.
‘The US president said tax reform and budget reduction should be guided by the principle that anyone with annual income of more than $1m should pay a minimum effective tax rate of 30%.’
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")