Making Obama, Romney tax plans add up

November 1, 2012

The brief bipartisan love fest prompted by the tragedy and destruction left in Hurricane Sandy's wake is over. It's back to the campaign trail in full force for both President Obama and his Republican challenger Mitt Romney.


Obama at nuclear energy summit April 12 2010_White House photoThe two men and their vice presidential partners are focusing on the swing states that likely will decide who gets to sit in the Oval Office for four more or four new years.

As has been the case from the get-go, the economy is a key consideration.

And how Obama and Romney propose to pay for our country's economy, i.e., what's in their tax plans, is getting added scrutiny.

There have been myriad articles written about the Obama and Romney tax plans, including one by me and some in which I comment on the proposals (most recently in Investor's Business Daily and MarketPlace).

Many public policy groups and academicians also have taken a stab at the various tax proposals to see whether they really would do what Obama and Romney say.


Romney speaking_Romney-Ryan campaign photoNow it's your turn to show your tax policy prowess.

Dylan Matthews and Ezra Klein of The
Washington Post
have created interactive versions of the Obama and
Romney tax plans in which you get to decide the policy specifics.

Basically, the newspaper wants you to make each candidate's tax plan add up.

With the online tax tool for the Romney proposal, you get to try to raise the $480 billion that the Tax Policy Center estimates
the GOP candidate's plan will cost in 2015 by doing what Romney says he will do if elected: Limit or eliminate tax deductions and close
loopholes.

The Post's calculator also lets you do something Romney insists he won't do: Raise taxes.

Romney revenue meter interactive via Washington PostClick on the image (or here) to access the Romney tax plan planner.

Obama's tax plan provides a slightly different task.

The newspaper's Obama online calculator requires you to help the president raise revenue not to pay for new
tax cuts, but as part of the $4 trillion deficit reduction "Grand
Bargain" that Obama has consistently advocated since last summer's debt ceiling fight.

Obama revenue meter interactive via Washington PostClick on the image (or here) to access the Obama tax plan planner.

Good luck.

Please share your results with me and the readers of the ol' blog by posting your suggestions for each plan in the comments.

And be sure to let the Obama and Romney camps know your recommendations before next Tuesday. It could make a difference!

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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