Presidential Election 2012: What is Romney's Economic Plan?

Mitt Romney's main argument for his election is that he would fix the economy. So what is Romney's economic plan?

First, he would repeal the Affordable Care Act, known as ObamaCare.

Republicans claim the act, which requires all Americans to buy private health insurance with government subsidies, is an overreach of federal power.

However, the Congressional Budget Office says the ACA will reduce the deficit through healthcare cost savings. If Romney does succeed in repealing the ACA, he'll need to make up the funds elsewhere.

Romney's plan also includes across-the-board tax cuts. According to Romney's website, he will:

Make permanent, across-the-board 20 percent cut in marginal rates
Maintain current tax rates on interest, dividends, and capital gains
Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
Eliminate the Death Tax
Repeal the Alternative Minimum Tax (AMT)

As for corporate taxes, he will:

Cut the corporate rate to 25 percent
Strengthen and make permanent the R&D tax credit
Switch to a territorial tax system
Repeal the corporate Alternative Minimum Tax (AMT)

Romney plans to cut environmental and financial regulation of businesses:

Repeal Dodd-Frank and replace with streamlined, modern regulatory framework
Amend Sarbanes-Oxley to relieve mid-size companies from onerous requirements
Initiate review and elimination of all Obama-era regulations that unduly burden the economy
Ensure that environmental laws properly account for cost in regulatory process
Provide multi-year lead times before companies must come into compliance with onerous new environmental regulations
Impose a regulatory cap of zero dollars on all federal agencies
Require congressional approval of all new 'major' regulations
Reform legal liability system to prevent spurious litigation

And Romney's plan reduces government spending on federal programs, by capping it at 20 percent of gross domestic product, eliminating or reducing the size of federal programs and aid to states, and eliminating many personal tax deductions.