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Comparing Obama, Romney tax plans

Forget about Paul Ryan and his budget and tax calculations for a minute. He's still just a vice presidential candidate.

Mitt Romney, the man who picked the Wisconsin Representative to join him on the 2012 Republican ticket, assures us that he's still at the top of the ticket. And that means what he says goes when it comes to how our taxes would look under a new GOP administration.

And just how does Romney's tax plan stack up against the current Oval Office occupant's proposals for our taxes in 2013 and beyond?

I look at the highlights of the Obama and Romney tax plans in my story for Bankrate.com.

Whether either man gets what he wants regarding taxes will depend in large part on what happens in the other Nov. 6 races. You know, those folks vying to serve in the House and Senate.

And speaking of Congress, if the current group of 535 on Capitol Hill doesn't act by Dec. 31, we'll see substantial and mostly unwelcome changes in our personal taxes.

The map below from a White House infographic shows how many individuals in each state could see their tax bills increase next year.

Tax increase projections if Congress doesn't act by Dec 31 2012_White House infographic excerpt Click image for a larger view.

According to Obama's economic experts, if the current tax laws expire as scheduled more than 114 million middle-class families could see their taxes go up by an average $1,600.

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