It doesn’t add up:
Candy Crowley: The governor says that he is not going to allow, uh, the top five percent, I believe is what he said, to have a tax cut, that it will all even out, that what he wants to do is give that tax cut to the middle class. Settled?
President Obama (D): No, it’s not settled. Look, uh, the cost of lowering rates for everybody across the board twenty percent along with what he also wants to do in terms of eliminating the estate tax, along what he wants to do in terms of corporates, uh, changes in the tax code, it costs about five trillion dollars. Governor Romney then also wants to spend two trillion dollars on additional military programs even though the military is not asking for ’em. That’s seven trillion dollars. He also wants to continue the Bush tax cuts for the wealthiest Americans. That’s another trillion dollars. That’s eight trillion dollars.
Now, what he says is he’s going to make sure that this doesn’t add to the deficit, and he’s going to cut middle class taxes, but when he’s asked how are you going to do it, which deductions, which loopholes are you gonna close? He can’t tell you. The, the fact that he only has to pay fourteen percent on his taxes when a lot of you are paying much higher, he’s already taken that off the board. Capital gains are gonna continue to be at a low rate, so we, we’re not gonna get money that way. We haven’t heard from the governor any specifics beyond Big Bird and eliminating funding for Planned Parenthood in terms of how he pays for that.
Now, Governor Romney was a very successful investor. If somebody came to you, Governor, with a plan that said, here, I want to spend seven or eight trillion dollars, and it, we’re gonna pay for it but we can’t tell you until maybe after the election how we’re going to do it, you wouldn’t have taken such a sketchy deal, and neither should you, the American people, because the math doesn’t add up. And, and what’s at stake here is one of two things. Either, Candy, this blows up the deficit because, keep in mind, this is just to pay for the additional spending that he’s talking about, seven, eight trillion dollars, that’s before we even get to the deficit we already have. Or alternatively, it’s got to be paid for not only by closing deductions for wealthy individuals. That, that’ll pay for about four percent reduction in tax rates. You’re gonna be paying for it. You’ll lose some deductions. And you can’t buy this sales pitch. Nobody who has looked at it that’s serious actually believes it adds up….
Uh, yep. math is not Mitt Romney’s strong suit.