This is while US President Barack Obama has proposed allowing the 2001 and 2003 tax cut plans to expire for the country's highest income earners, while permanently extending the cuts for middle-class taxpayers.
However, Romney, placing little different between the elite and middle-class, says that imposing tax burdens on any American regardless of income levels poses a threat to the economy.
The Republican presidential candidate is expected to convince voters around the country to support his tax plans he says will leave them with more money to spend in the long run.
Some analysts predict a tight race between Romney and Obama and believe that the issue of tax plans will play a key role in the people's choice of president.
Last week, Romney was the winner of the country's first formal vote held for the White House battle, in the state of Iowa.
Over the next six months, each US state will vote on the Republican Party competitors for the presidency before a final nominee is selected.
The eventual winner will challenge President Barack Obama in the next US presidential elections scheduled for November 6, 2012.