Republican presidential candidate Mitt Romney and President Barack Obama tangle over taxes in their first presidential debate. “I promise no tax cut that adds to the deficit,” Romney said.
The former Massachusetts governor said that Obama has mischaracterized his tax plan by calling it a $5 trillion tax cut. “Virtually everything he just described about my tax plan is inaccurate. I'm not looking for a $5 trillion tax cut.”
Obama responded that Romney appears to be backing away from his own plan.
Romney says "everything" Obama said about Romney's tax plan is inaccurate.
“I've got five boys,” he said. “I am used to people saying things that aren't true and just repeating it hoping someone will believe it.”
Romney said his plan will not increase taxes for the middle class, as Obama contends. He said the Romney plan will add $2,000 to middle-class families.
But Romney said his plan is to provide tax relief by lowering them for all Americans, while eliminating deductions and exemptions in the tax code.
Lowering tax rates actually raises money, he said. “Small businesses will grow.”
Obama retorts that Romney appears to be saying "never mind" about his own tax plan. “Math, common sense and history are on my side,” Obama said. “Gov. Romney is talking about the same sales pitch as Bush. It all ended in worst financial crisis since great depression.”
Romney later retored, “I cannot reduce the burden paid by high-end Americans.”
Obama says he will lower taxes for middle-class families. “It's not possible to come up with enough loophole closing. It's math. It's arithmetic."
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