Taxes

Tax Plans of Obama, Romney Have Big Implications for State Finances

When the feds sneeze, the states get knocked over

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The presidential candidates' tax proposals may lack detail, but one thing is clear: State taxes, which are closely tied to the federal tax code, could change dramatically depending on the outcome of the election.

President Barack Obama and his Republican challenger Mitt Romney differ sharply on taxes, especially personal income taxes. President Obama says he wants to raise taxes on people earning more than $250,000 a year. He also backs "the Buffett Rule," which would require individuals with an adjusted gross income of more than $1 million to pay at least 30 percent in taxes. Obama promises to close corporate tax loopholes, including one that benefits companies that move overseas.