Both Mitt Romney and President Obama introduced dueling tax overhaul proposals on Wednesday, sparking a fresh debate on federal deficit and wealthy individuals in America, the Washington Post said.
Romney plans to cut all existing tax brackets by the same proportion, including cutting the lowest rate to 8 percent. Romney unveiled details of his proposal just hours after President Obama expressed his plan on overhauling the nation's corporate tax code.
Obama's plan would lower the nation's corporate tax rate to 28 percent, and would boost overall revenue from corporate taxation. His plan targets oil and gas companies for tax increases while promising breaks for manufacturing companies.
It remains unclear how each of the plans would fare in Congress. Support has been given to a tax strategy that reduces rates across the board.