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Mitt Romney promises his tax plan will not benefit 'the 1 per cent' Add to ...

Nothing like stepping into a crucial TV debate ahead of key state contests in Arizona and Michigan, with a new plan in hand to cut individual and corporate taxes.

That’s exactly what former Massachusetts governor Mitt Romney unveiled today ahead of the CNN debate being held in Mesa, Arizona, which is holding its primary next Tuesday along with Michigan.

The plan gives Mr. Romney something to talk about that puts the focus back on the economy rather than questions about his inability to get conservatives to coalesce around his candidacy.

The Romney plan would set a top tax rate of 28 per cent for individuals, dropping that rate from the current 35 per cent. Meanwhile the corporate tax rate, under Mr. Romney’s plan, would be cut to 25 per cent from the current 35 per cent.

Here’s an interesting account of Mr. Romney’s new tax plan, as unveiled today, and his attempt to reassure the audience that his plan would not benefit ”the 1 per cent” – where have we heard that phrase before?

Rick Santorum, who has been surging and poses a serious challenge to Mr. Romney’s candidacy, shot back at the Romney tax plan from an Arizona campaign trail rally arguing that Mr. Romney’s plan lowers taxes to the rates Mr. Santorum had already proposed.

“Welcome to the party, governor,” Mr. Santorum said, according to a tweet by the Washington Post’s Felecia Sonmez.

President Barack Obama released his own plan today to lower corporate taxes to 28 per cent and close dozen of loopholes that the Obama administration believes helps companies move jobs overseas.

“It’s not right and it needs to change,” Mr. Obama said today, as reported by AP.

Mr. Obama has already talked about raising taxes on millionaires, while maintaining the current tax rate for individuals making under $200,0000.

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