Unveiling his new tax plan recently, Governor Romney’s campaign said it would: 1) permanently cut individual income tax rates by 20 percent below President Bush’s tax rate levels (with the top rate falling from 35 to 28 percent — in essence, making all of the Bush tax cuts permanent and adding substantial further tax rate cuts on top); 2) cut the top corporate tax rate by nearly 30 percent (from 35 to 25 percent); 3) repeal the estate tax; 4) kill the Alternative Minimum Tax; and 5) scale back “tax expenditures,”1 mainly for high-income people. It would, however, leave the biggest tax break for high-income households — the 15 percent tax rate on capital gains and dividends — untouched (while eliminating capital gains taxes altogether for people with incomes below $200,000). Governor Romney’s advisers said the plan also will preserve “revenue neutrality” and maintain the current degree of progressivity in the tax code.