Big Ideas

Romney Unveiling New Tax Plan

Swears it won't benefit the 1 percent.

Mitt Romney gave a sneak peek at his new and supposedly improved tax proposal while campaigning in Arizona on Wednesday. In a change from his original plan of maintaining the current top rate of 35 percent, Romney announced he would now cap the top individual income tax at 28 percent. Speaking in Arizona, Romney insisted that his new plan was not intended to benefit the 1 percent. “In order to limit any impact on the deficit, because I do not want to add to the deficit, and also to make sure we continue to have progressivity in our code, I’m going to limit the deductions and exemptions particularly for high-income folks,” he said. Romney is expected to elaborate more on his plan at tonight’s debate in Mesa, Ariz.