New Romney tax cuts would cost $3.4 trillion
February 29th, 2012
05:20 PM ET
6 years ago

New Romney tax cuts would cost $3.4 trillion

New York (CNNMoney) - Mitt Romney made two big changes to his tax plan last week, and according to a new analysis, they will be very expensive.

Like $3.4 trillion expensive.


Filed under: 2012 • • Mitt Romney • Taxes
soundoff (31 Responses)
  1. DENNA

    Since he is a Rethug, the conservatives will probably eat up his suggestions. From what I have seen of the Republican financial plans for America, the upper class will still be ahead of the rest of us. They have been trying to get rid of anything that would help the middle class. I have no hope that any Republican cares about the ordinary American.

    February 29, 2012 05:29 pm at 5:29 pm |
  2. Emmy Skaddittle

    and you attack Obama for spending, well this is how the republicans got us into the debt crisis we are in. you cannot pay off your debts if you don't bring in any income

    February 29, 2012 05:32 pm at 5:32 pm |
  3. Wire Palladin, S. F.

    Add $3.4 trillion more republican debt to the $12 trillion national debt that they are responsible for.

    February 29, 2012 05:32 pm at 5:32 pm |
  4. vic , nashville ,tn

    GOP care about nation deficits answer is NO they just worried about rich friends that is it

    February 29, 2012 05:35 pm at 5:35 pm |
  5. vote the Tea Party OUT in 2012

    Just like Dick Cheney said "DEFICITS DON'T MATTER" of course only if you're a Republican president that is. If you're a Democrat then you get attacked over and over about it. Funny how that works out.

    February 29, 2012 05:42 pm at 5:42 pm |
  6. Tired of republican lies

    They need to plaster this revalation all across the nation...people are crazy to vote for another only for the rich republican...I see the country diving into another deep recession if we vote republican. Obama/Biden 2012!

    February 29, 2012 05:44 pm at 5:44 pm |
  7. judy

    and he is such a good business man???? thays why he went to the federal government to bail out the olympics. You repos are a real laugh a minute. Obama 2012

    February 29, 2012 05:46 pm at 5:46 pm |
  8. txjack

    Really so your telling me that Obama
    The only president in history to claim almost 1 million in Foreign Tax Credit.

    And he will NOT provide detailed info on what they are from beside the word “Various”.

    Is really helping the country by keeping the money not in the US?

    How American is that?

    I wonder where he is keeping it. Kenya? Indonesia?

    February 29, 2012 05:48 pm at 5:48 pm |
  9. the Situation

    And this is your soon to be Nominee! LOL! After November 6, Mitts will just be a footnote in history. LOL!

    February 29, 2012 05:50 pm at 5:50 pm |
  10. Wobbly Walker

    20% across the board cut? I think we should tax the first $50K at 5%, the next $50K 10%, then 15% for the next $50K and so on until 25% max without deductions except for additional $3500 per person. Of course I don't know anything about taxes yet a lot think know better than all the candidates but don't provide any answers.

    February 29, 2012 05:51 pm at 5:51 pm |
  11. Four and The Door

    The campaign has also said the tax cuts will spur growth that will, in turn, create additional revenue for the federal government. The TPC analysis does not take that growth into account.
    This is exactly what will happen. Lower taxes will grow the economy. America has the largest economy in the world and plenty of opportunities to grow it, but not with high taxes. We will not tax our way to prosperity. We need to grow our way to prosperity. This helps everyone, just like the across-the-board tax reductions Mitt Romney is proposing. Everyone.

    February 29, 2012 05:51 pm at 5:51 pm |
  12. Al-NY,NY

    "Sure, I'll fill that huge void"......riiiight. He's pandering to the lowest common level (guess who...their name starts with "T") and he'll get their support no matter what

    February 29, 2012 05:52 pm at 5:52 pm |
  13. Bill

    What a clown. Save your money – you will never be president.

    February 29, 2012 05:53 pm at 5:53 pm |
  14. Senor PutinMyPants

    And they're complaining that the one trillion that Obama has used to patch up our economy thanks to the republicans was bad. Look no further for your rebuttal to these morons.

    February 29, 2012 05:54 pm at 5:54 pm |
  15. Penobscot

    Don't you mean it would save us $3.4 trillion? Money that is ours that the government steals from us? It therefore doesn't cost anyone anything, except D.C. cronies.

    February 29, 2012 06:06 pm at 6:06 pm |
  16. Rudy NYC

    from the article:

    The twin changes will come at a cost of more than $3.4 trillion over 10 years, according to a new estimate from the Tax Policy Center.
    Isn't that $3.4 trillion on top of the $3 trillion his plan was already going to cost before he revised it? Yup.

    Do you know what this really means? It means exactly what I have been telling you all along. All of the Republicans want to enact their own version of Bush Tax Cuts on steroids. That is their plan for economic recovery and jobs creation.

    Oh yeah, lhat and more of the deregulation in the financial sector that got us into this mess in the first place. Republicans claim that America has too many regulations and cannot compete with other countries. Well, let's look at who the competition is what sort of regulations they have. Number one is China. How many industrial accidents and disasters have they had in the past year alone? If you listen, you can hear about at least one major incident with fatalities per month.

    February 29, 2012 06:14 pm at 6:14 pm |
  17. GOP = Greed Over People

    More cash for the "job creators".

    GOP code for more cash for the 1% at the expense of the 99%.

    The 2012 version of the 2000 "trickle down economics" voodoo chant,

    February 29, 2012 06:59 pm at 6:59 pm |
  18. RepublicTruth

    Better Headline: The People Keep $3.4 Trillion Under Romney's Plan. Why is it a cost to the gov when taxes are cut but not a cost to the people when they are risen. It's not the gov money to begin with. His plan lets the people that earned the money keep it. Did the gov earn the $3.4 Trillion? So how is it a cost to not give them what they never had. It like me saying CNN cost me 3.4 trillion this year because they did not give it to me. Additionally, this is the best stimulus. Instead of taking from the people then wasting 50 cents of every dollars giving it back to the people called a "stimulus". They just keep it from the beginning.

    February 29, 2012 07:06 pm at 7:06 pm |
  19. Disabled vet

    The repubics can pay off the deficit with the money spent on the nomination. Gas prices was 1.29 a gallon when george jr took office. There was no deficit. Congress has free healthcare. big business back repubes so where do u think there loyalties lie. Obama/biden

    February 29, 2012 07:43 pm at 7:43 pm |
  20. Name Essie

    Romney isn't fooling anyone but himself & the Obama haters!

    February 29, 2012 08:18 pm at 8:18 pm |
  21. Namejkane fl

    Romney better get out his adding machine, I thought you were going to lower the defict, I think you should quit this gig and get your first real job!!!

    February 29, 2012 08:26 pm at 8:26 pm |
  22. Larry L

    Nothing like a cut and spend Republican! Wait... didn't we try that with the last Republican Administration?

    February 29, 2012 08:30 pm at 8:30 pm |
  23. julien vergara

    Will wait and see. Ofcourse, if his tax cut is wrong. He can lower the amount of pecent. It they called it flop plop, I call it trial and error

    February 29, 2012 09:53 pm at 9:53 pm |
  24. Conrack

    I guess the GOP does not care about the deficit anymore, so long as Mitt and the 1% gets to pay taxes at 15%. When is America going to wake up to this con game and demand economic justice?

    February 29, 2012 09:59 pm at 9:59 pm |
  25. ThinkAgain

    Of course Mittens' tax cuts would add to the deficit – history shows that when it comes to the economy, Repubs are just plain dumb.

    Look it up, folks: Our country has ALWAYS fared better under Democratic administrations that Republican ones.

    The only sane choice to keep our economy growing and our country moving forward: Obama/Biden 2012

    February 29, 2012 10:52 pm at 10:52 pm |
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