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Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 25 January 2012 [View all]Demeter
(85,373 posts)13. Obama bid to set tax agenda for election
Barack Obama laid down the battle lines for the presidential election on Tuesday night as he promised a fairer tax regime on the day Mitt Romney, the leading Republican contender, revealed that he paid federal income taxes at an effective rate of just 13.9 per cent in 2010.
The comparatively low rate reflects the fact that most of Mr Romneys income is taxed as capital gains, an issue that Mr Obama tackled head-on in his State of the Union address.
The US president said tax reform and budget reduction should be guided by the principle that anyone with annual income of more than $1m should pay a minimum effective tax rate of 30 per cent.
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http://link.ft.com/r/S4XZQQ/PF0BX4/6ADGM/4CM8NI/VLZ9BI/28/t?a1=2012&a2=1&a3=24
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