Basic tax reform should be at top of election issues


January 19, 2012 - 12:00 AM

Mitt Romney said a day or so ago he thought his tax bill amounted to about 15 percent of his income and, maybe, he’ll make his tax return(s) public in April.

In his campaign presentations he has said he favors leaving the present tax laws in place. Those statutes tax dividends and capital gains at 15 percent — and define capital gains broadly enough to include investment income, which formerly was considered ordinary income and carried a 35 percent tax rate.

None of the candidates for the Republican nomination, current or recent, have proposed raising those rates or changing those definitions back to the pre-Bush (G.W., that is) level.

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