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House GOP Plan (Tax Reform + 1 Million New Jobs) vs. President Obama’s Plan (Same Tax Code + $1.6 Trillion in Higher Taxes)

December 05, 2012

   GOP Tax Reform  President’s Plan
Creates a simpler and fairer tax code  Yes  No
Closes special interest loopholes  Yes  No
Lowers tax rates for families and employers  Yes  No
Encourages job-creating investments  Yes  No
Makes the United States a more attractive place to invest and create jobs by reducing the corporate tax rate to 25 percent  Yes  No
Modernizes America’s 1950s style international tax system so our workers can compete in the 21st century  Yes  No
Ensures that the level of tax revenue taken out of the U.S. economy will not rise above historic levels  Yes  No
Retains the current estate tax relief so that family-owned businesses have greater ability to plan for the future and pass their family-owned businesses on to future generations
 Yes  No
Permanently addresses the alternative minimum tax that is currently looming over 31 million middle-class families  Yes  No
Could lead to the creation of 1 million jobs when paired with spending cuts   Yes  No (in fact, it could cost
700,000 jobs)