It also would limit deductions, exemptions and credits that are currently available to higher-income Americans, according to a campaign fact sheet.
To pay for the cuts and reduce the federal budget deficit, Romney said he’d trim $500 billion in spending by 2016.
Romney is working to regain momentum in the race as he strives to take back his front-runner status from Rick Santorum before the Feb. 28 Michigan and Arizona primaries.
As Santorum has surged, social issues have become a central topic in the race. By releasing his proposal today, Romney is seeking to return the conversation to economic issues and his business background.
Close Race
Statewide polls show a close race in Michigan and that Santorum, a former senator from Pennsylvania, is narrowing Romney’s edge in Arizona. A Romney loss in Michigan, his boyhood home, would deal a severe blow to his campaign.
Romney’s announcement also comes as President Barack Obama called for cutting the U.S. corporate tax rate to 28 percent from 35 percent now. Obama’s plan would remove tax breaks for companies to help offset lost revenue, an administration official said.
Reducing the top corporate tax rate to 25 percent was a central point of an economic proposal Romney offered in September. The former Massachusetts governor’s plan, which would eliminate taxes on interest, dividends and capital gains for individuals making $200,000 or less per year, came under criticism over a lack of details.
Romney said yesterday during a town-hall meeting in Shelby Township, Michigan, that he wants “a flatter, fairer, broader- based tax system.”
Last Debate
Tonight’s debate on CNN -- which will include former U.S. House Speaker Newt Gingrich and U.S. Representative Ron Paul of Texas -- will be the last direct exchange among the candidates scheduled before Super Tuesday on March 6, when 11 states hold contests that should play a major role in determining who secures the Republican nomination.
