The U.S. tax code may be difficult to grasp, but understanding the presidential candidates‘ plans for it doesn’t have to be. President Obama wants to raise his own taxes, while Mitt Romney wants to dramatically reduce the already small slice he pays to Uncle Sam.
Of course, that simplification doesn’t shed light on just how dramatic President Romney’s windfall for his family would actually be. Mitt’s plan, which the nonpartisan Tax Policy Center forecast would cut taxes for the richest five percent of earners while increasing the tax bill for the other 95 percent of Americans, could slash his own annual IRS payment by almost half. And by eliminating the estate tax, the $250 million man would potentially divert $80 million (and possibly more) from the United States Treasury to his own heirs