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Mitt Romney is turning the lens back to the economy with a new income tax proposal, just in time for him to take the stage with his fellow GOP hopefuls in Wednesday night's CNN debate.
Bloomberg News reports that Romney intends to lower tax rates by a fifth, as he detailed at a gym in Phoenix Wednesday morning. Under his plan, the permanent top income tax rate drops from its current 35 percent to 28 percent, and corporate taxes fall from 35 percent to 25 percent.
From the Los Angeles Times:
"For high-income folks, we are going to cut back on that so we make sure the top 1 percent keeps paying, paying the current share they're paying or more," Romney said. "We want middle-income Americans to be the place we focus our help, because its middle-income Americans that have been hurt by this Obama economy."
The former corporate chief also announced that the limited tax deductions for high income families will support his strategy to trim the federal budget by $500 billion by 2016.
Romney announced his plan at a time when Rick Santorum is giving him a run for his money, and on the same day that President Obama announced his own tax overhaul.