In 2010, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 extended through 2012 the Bush-era tax cuts. Both candidates agree that something other than
a complete sunset of the Bush-era tax cuts and complete elimination of extender provisions must
take place. Romney has proposed to make permanent all of the Bush-era tax cuts; Obama has proposed to extend some of them, while others would be extended for all but "higher-income" taxpayers.
Tax Rates - Obama would raise 2013 tax rates from their current level for higher- income taxpayers only (singles $200,000, couples $250,000). Romney would keep 2013 tax rates at their current level for all taxpayers. Obama proposes lower rates for middle/lower income brackets at an unspecified future date. Romney proposes a 20% income tax rate reduction for all taxpayers at an unspecified future date.
Capital Gains/Dividends - Obama has proposed to tax dividends as ordinary income for higher-income individuals, while capital gains would be taxed at 20% (currently 15%). Romney proposes to continue the reduced rates on qualified dividends and capital gains. He has also discussed exempting from tax all capital gains, dividends and interest for individuals making less than $200,000 per year.
Alternative Minimum Tax - The 2010 Tax Relief Act contained an AMT patch to prevent middle-income taxpayers falling subject to it, since the AMT was first enacted to prevent wealthy individuals from paying no income taxes as the result of deductions and credits. Since then, an increasing number of taxpayers have slipped into AMT as inflation has risen and deductions and credits have increased. The latest patch, effective for 2010 and 2011, provided for increased exemption amounts. Without a continuation of the AMT patch at or slightly above the 2011 level, an estimated 20 million more individuals would be subject to the AMT in 2012. Romney has proposed to abolish the AMT. Obama's long term proposal is to replace the AMT with the so-called Buffett Rule (ensuring that taxpayers making over $1 million annually would pay an effective tax rate of at least 30%). He is supporting a 2012 and 2013 patch for the short-term.
Both candidates have proposed to make permanent the $1,000 child tax credit, and to extend the enhanced adoption credit and the enhanced child and dependent care credit.
Obama has proposed to make permanent the American Opportunity Tax Credit and extend the higher education tuition deduction. Romney has not addressed the AOTC or the higher education tuition deduction.
Many popular tax incentives for individuals expired at the end of 2011, including (but not limited to) teachers' classroom expense deduction, state and local sales tax deduction, and tax-free charitable distributions from IRAs. Obama has proposed to extend the incentives though 2013, while Romney has not addressed them.
photosynthesis. The trees will rest, and live off the food they stored during the summer. They begin to shut down their food-making factories. The green chlorophyll disappears from the leaves. As the bright green fades away, we begin to see yellow and orange colors which have been there all along, but were hidden by the green chlorophyll! 
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