¶ … personal income tax policy become one of the primary issues in the 2012 Presidential election campaigns from both parties. Obama has publically stated that he wishes for the Bush tax cuts, which substantially advantage the top one percent of income earners, to expire. However, he wishes to retain tax savings for the middle class. Mitt Romney on the other hand has stated that he would like to extend the Bush tax cuts, accelerate them even, and further reduce rates that individuals pay to United States as part of his plan to stimulate the economy. This analysis will consider both sides of this contentious issue and make recommendations to the Obama campaign as to how best to market their position...

Obama campaign touches on broad concepts such as raising tax rates on higher-income individuals and closing loopholes on millionaires and billionaires. As for more specifics, the president has elaborated on tax changes he supports in his annual budgets and State of the Union addresses, as well as in the corporate tax reform proposal issued by the U.S. Treasury earlier this year. On the other hand, Romney points out some general tax changes he favors, such as income tax rate reductions and maintaining the current tax treatment of investments. But the Republican candidate's plan also is light on details. Both candidates are overlooking a complex and inefficient system that hinders economic growth and the tax plan should be simplified and streamlined in order to reduce administrative overhead in all industries and become a substantial source of economic growth.
Romney's Position

Romney's tax plan is fairly simple upon the surface. He wants to cut all…