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Obama win could cost Romney $5 million in personal taxes

To see where the presidential candidates stand on taxing the rich, just look at how they'd tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama's tax plan. For a man of Romney's means, that could save almost $5 million a year.

By Connie Cass | Updated on June 04, 2012
In this May 24, 2012, file photo President Barack Obama waves before speaking at TPI Composites Factory in Newton, Iowa. (AP Photo/Charlie Neibergall, File)

WASHINGTON (AP) — To see where the presidential candidates stand on taxing the rich, just look at how they’d tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama’s tax plan. For a man of Romney’s means, that could save almost $5 million a year.

For Obama, not so loaded as Romney but still well-off, losing re-election could provide a tax windfall. He’d save as much as $90,000 a year if Romney’s plan were enacted rather than his own tax-the-rich vision.

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