Obama campaign pushes Romney, Ryan on loopholes
September 10th, 2012
12:38 PM ET
2 years ago

Obama campaign pushes Romney, Ryan on loopholes

(CNN) – President Barack Obama's re-election campaign on Monday released a new web video attacking the GOP presidential ticket for being "evasive."

The Obama web video opens up with text on the screen: "Mitt Romney and Paul Ryan won't answer the most basic questions on their tax plan."

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It then shows footage from Sunday morning news shows, when Romney and Ryan were pressed about which specific loopholes they would cut in their tax plan.

On CBS's "Face the Nation," however, Ryan did not name any specifics.

"It's not what loopholes are out there, but who gets them," he said. "And we're saying by not having higher-income earners utilize these tax shelters, we can lower tax rates on everybody, because they pay more of their income to taxation."

Ryan said he and Romney would decide on the loopholes by having "a debate out in front" and "work with Congress, work with the public, to find out what are the priorities."

Romney's tax plan calls for 20% cuts to current Bush-era income tax rates. He would also eliminate the Alternative Minimum Tax. Democrats, however, point to a Tax Policy Center report released in August that determined Romney's plan would provide large tax cuts to the wealthiest Americans while increasing the tax burden on the lower and middle classes.

Meanwhile, Romney was also asked to name specific loopholes and deductions in his interview with NBC's "Meet the Press."

"Well, I can tell you that people at the high end, high income taxpayers, are going to have fewer deductions and exemptions. Those– those numbers are going to come down," Romney said.

Responding to the video, Romney's campaign argued President Barack Obama's proposal to raise taxes on households making at least $250,000 per year would hurt some small business owners.

"This is the last thing we should do if we want to get our economy moving in the right direction," Romney spokeswoman Amanda Henneberg said in a statement. "Mitt Romney and Paul Ryan have a five point plan for a stronger middle class, with detailed policies on tax reform, trade, energy, regulatory reform, and spending that will grow our economy and create 12 million jobs."


Filed under: 2012 • Mitt Romney • Paul Ryan • President Obama • Taxes
soundoff (40 Responses)
  1. Sniffit

    "I read president Obama and Michelle used a tax loophole themselves. I read they gave each of their daughters a $12,000 gift and under a federal tax code he and Michelle didn't have to pay taxes on this money because it was considered a donation to their daughters, they used a tax shelter. I also read he and Michelle took a series of deductions and lowered their tax payment by 10%."

    Hahahahahaha...the deductibility of gifts up to a certain amount is not a "tax shelter" or loophole. I'd say "nice try," but truly, that is just plain old pathetic.

    September 10, 2012 01:51 pm at 1:51 pm |
  2. CNN Loud Mouth

    Unless they are not smart, "Small business owners" making this kind of money are taking $250K out in salary and another $250K out in the form of a dividend that they pay themselves on the investment, which is taxed at a much lower rate. So, who the Republicans are really asking to protect are those making over $500,000 per year. Asking those that make $500,000 to pay the same percentage share of their income as the rest of us, is very reasonable. Pigs get fat, hogs get slaughtered. Don't be a hog trying to avoid taxes on the money you pull out of the business and take home. Keep the money in your business, to grow your business - problem solved.

    September 10, 2012 01:53 pm at 1:53 pm |
  3. ghostriter

    truth hurts, Mr. Clinton laid it out for you real nice. See, he even provided numbers. Something the numbers guy Ryan couldn't.

    And it ain't exactly a bad plan to go back to the things he was looking at this past few years. You know, all the things republicans blocked for the sake of blocking, the ones blocked because they included taxes and the ones blocked to keep the president from putting forth anything that might make him look good. Like infrastructure spending.

    Of course, maybe you'd like the republicans idea of getting rid of the energy program. You know, the one they all voted for when Bush was president. The one Paul Ryan dipped into to get money for his campaign donors. That one.

    September 10, 2012 01:55 pm at 1:55 pm |
  4. jack johnson

    He just wants to be elected on blind faith. If he is elected he will drop a bigger bomb shell on the American people (worse than in Japan during WW2). His plan will distory America, thats why his money is in offshore bank acconts.

    September 10, 2012 01:55 pm at 1:55 pm |
  5. Gurgyl

    Why doesn't Mitt show 12 years of taxes-tax-cheat????

    September 10, 2012 01:55 pm at 1:55 pm |
  6. Sick and tired

    Remember Romney and Ryan have signed Darth Grover's pledge. As far as Darth Grover is concerned closing loopholes is the same as raising taxes.

    September 10, 2012 01:55 pm at 1:55 pm |
  7. Anthony

    Romney's tax plan is mathematically impossible. There are not enough loopholes for the wealthy in the tax code to offset the 20% tax cuts they will get from Romney's plan. Even if all loopholes for the wealthy are eliminated it will not be enough to make up for the revenue loss from the 20% tax cuts.

    September 10, 2012 01:57 pm at 1:57 pm |
  8. GI Joe

    Let me see - Obama's $12,000 trust to each of two children = $24,000. Ok

    Romney's $10,000,000 trust to each of his five children = $50,000,000. Ok.

    So What?

    September 10, 2012 01:58 pm at 1:58 pm |
  9. Gurgyl

    These GOP guys are tax frauds, immigration frauds, Medicare frauds...true.

    September 10, 2012 01:58 pm at 1:58 pm |
  10. normajean @ verizon ,com

    To MYVIEW IS............. I'd be very careful believing what you "Read in an article " I've been reading articles that are so conflicting it's impossible to find the truth in most of them.....With the "nuts' on TV and the newspapers and magazines all going off in different directions we are forced to be very discerning and skeptical.......I take them all with "a grain of salt" and then look for a little logic which I don't find in the disclosure of what the president has given his daughters!!!
    !

    September 10, 2012 02:02 pm at 2:02 pm |
  11. Mikey

    @myviews – "I read president Obama and Michelle used a tax loophole themselves. I read they gave each of their daughters a $12,000 gift and under a federal tax code he and Michelle didn't have to pay taxes on this money because it was considered a donation to their daughters, they used a tax shelter. I also read he and Michelle took a series of deductions and lowered their tax payment by 10%.

    If the article I read is correct and President Obama and Michelle used a loophole in the law then I would say Obama is a hypocrite."
    *************************************************************************************************
    Let me guess, you read this from a right wing source. You do not get deductions on your tax return for "donating" money to your kids. You can give money up to certain limits without incuring a "gift tax".

    However, this does bring up the subject of MITT ROMNEY'S TAX RETURNS – WHERE ARE THEY.

    September 10, 2012 02:07 pm at 2:07 pm |
  12. The Real Tom Paine

    -truth hurts

    does obama have any plans and specifics? i mean besides the guaranteed record unemployment, guaranteed record deficits and guaranteed record debt? i mean we were sold hope and change in 2008 and here was are with no hope and change for the worse. all obama says now is forward. to where? over the cliff and into the fiscal abyss? forward to greece and spain?? seriously america, wake up before it is too late.
    ***************************************
    There is also the guaranteed lying and spinning by the GOP, cheering and betting against your own people...when I saw the video of conservative activists cheering when our country lost its bid for the 2016 Olympics, I knew we were dealing with people who's hatred was so pathological they would destroy our country just to prove a point. We have woken up, and the GOP is losing, and will continue to lose. The Romney/Ryan approach would blow a hole in our debt that would dwarf the size of Christie's waistline.

    September 10, 2012 02:10 pm at 2:10 pm |
  13. Gene

    What is it with these two (Romney/Ryan) that they have no specifics, just rhetoric. They are gutless because of their concern of alienating some group. No moral compass. Any soul? Give a specific plan to the public and Congress, then let the debate begin. Have to get it started. Gee.

    September 10, 2012 02:14 pm at 2:14 pm |
  14. Namejkane sfl a vote for the gop will cut your moms medicare and soc sec .can you afford to pay for them???

    The gop and their goofball canadates are s joke and a fraud ,vote for Obama.

    September 10, 2012 02:15 pm at 2:15 pm |
  15. RealityBites

    Meanwhile..., out here in Obamaland,
    Unemployment remains high, the economy is sinking back into recession and the national debt continues to grow by leaps and bounds. CNN progressive agenda is still not interested in detailing Obama's non-existent budget or tax policies,

    September 10, 2012 02:17 pm at 2:17 pm |
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