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Why Mitt Romney wants to cut individual and business tax rates

Hours before a GOP debate in Arizona, Mitt Romney released his plan to cut corporate tax rates to 28 percent. Mitt Romney also said he would cut individual tax rates by 20 percent.

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Republican presidential candidate Mitt Romney speaks at a campaign rally at Tri-City Christian Academy in Chandler, Arizona, Feb. 22, 2012.

(AP Photo/Gerald Herbert)

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Republican Mitt Romney, hours before the next GOP debate, proposed an overhaul of the US tax system on Wednesday that he said would cut Americans' tax rates by 20 percent and limit deductions for the wealthy.

Romney unveiled his proposals just hours after President Barack Obama offered a plan of his own to revamp the corporate tax system, calling for a cut in the corporate tax rate and the closure of many business tax loopholes.

Adding some details to his earlier tax proposals, Romney's plan would put the top tax rate at 28 percent, down from the present 35 percent.

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Romney is seeking to regain momentum in his campaign for the 2012 Republican presidential nomination and survive a strong challenge from conservative Rick Santorum with Arizona and Michigan to hold election contests on Feb. 28.

Romney's campaign hoped his tax plan would help prove his credentials as a fiscal conservative. It was released on a day when the four remaining Republican candidates were to gather in Arizona for another debate. Romney is scheduled to give an economic speech on Friday in Detroit.

"I'm going to lower rates across the board for all Americans by 20 percent," Romney told a campaign rally in Chandler.

Romney said his cuts would help businesses that pay at the individual tax rate to have more money so they can hire more people and pay higher wages.

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