Romney tax plan will ratchet down rates, deduct deductions: Source

Republican presidential candidate Mitt Romney is preparing to release a more detailed plan to overhaul the tax code soon, said a person who attended a policy roundtable event with Romney in Washington yesterday. The person said Romney expressed interest in consumption taxes and flat taxes, and described consumption taxes as not politically feasible and flat taxes as opening Romney to criticism about the effect on his personal tax bill. The person spoke on condition of anonymity because the meeting was private. The forthcoming Romney tax plan would lower income tax rates and curtail tax deductions, the person said. Romney's Republican rivals have criticized him for his current proposal, saying it doesn't go far enough to overhaul the U.S. tax code. Romney has proposed extending current income tax rates, eliminating capital gains taxes for those earning $200,000 or less a year and dropping the corporate income tax rate to 25 percent from 35 percent. Romney has said before that he would push for a “fundamental redesign” of the tax code without offering details on how he would do that. --Bloomberg News--