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Romney-Ryan tax plan details to be revealed after the election

August 16, 2012

Republican vice presidential nominee Paul Ryan says that details on how he and Mitt Romney will pay for their tax proposals will be done in the "light of day."

But they want to wait for a dawn after the Nov. 6 election.

Sunrise_thailand_ko_samui via Wikimedia

Hmmm, OK. Or rather, not OK.

Like 'em or hate 'em, at least the Obama camp is saying which taxes the current prez wants to hike: those on the richest Americans.

That's how 44 will pay for keeping taxes paid by the less-wealthy at the current 10-to-28 percent rates.

Romney and Ryan have said they, too, want to cut tax rates and do so for everybody, including those in the current top two income tax brackets. But there is a bit a difference between the GOP running mates as to just how much tax rates will fall under their administration.

Each man also has said loopholes would be closed in order to pay for keeping everyone's taxes low. But again neither Romney nor Ryan has been specific about exactly which loopholes they would target (aside from a Romney off-the-cuff remark at a fundraiser about axing tax breaks for second homes).

And now Romney and Ryan are saying "trust us" when it comes to tax specifics.

Guys, let me borrow a phrase from one of your party's icons, Ronald Reagan: Trust, but verify.

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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