How do Barack Obama and Mitt Romney view taxes? Just my guess but I bet they don’t like to pay them but know taxes are needed to run a government. Who should pay them…that’s where it really gets interesting.
Each candidate has stated his position publicly on various tax policies. In order to give you a chance to form your own opinion, here are links from three different sources.
http://www.smartmoney.com/taxes/income/on-taxes-romney-vs-obama-1346791676707/
http://2012.presidential-candidates.org/Taxes.php
Truth is that a President cannot change tax policy on his own. If either party wins the White House and also wins a good majority in Congress, you can then see changes that follow the President’s lead. Otherwise, count on a watered down, compromised and likely more complicated tax law.
This may sound strange coming for a CPA who prepares taxes, but if I were running for President, I would promote a simple flat tax at low rates. I would require that the Federal tax form fit on one page with no less than a size 10 font. If I had control on state taxes, I would set the state tax rate at a flat percentage of the Federal tax and eliminate tax laws from all 50 states.
Don’t you think that would make life less taxing? Once my version of the tax form is implemented, I would then spend more time helping clients with financial planning instead of me and my staff preparing complicated tax forms. With my time freed up from tax return preparation I will work to find a solution to the National Hockey League labor dispute. They need my help.
Back to reality..if you are wondering how the election may effect you for 2012, don’t count on any significant tax law changes between now and the end of the year. Candidates are trying to get elected and then recover from the process!
Count on tax law changes in 2013 and how the election turns out both for President and Congress will have a big effect on what your future tax returns will look like.
Who’s the better President for your taxes and the country? You will need to decide for yourself.
I’m curious…let me know what you would do if you could change the tax law if you were in charge. Most importantly, please make sure to vote on November 6th.
