Obama campaign advances attack over loopholes
September 12th, 2012
07:56 AM ET
2 years ago

Obama campaign advances attack over loopholes

(CNN) - In a new television ad released Wednesday, President Barack Obama's re-election campaign continued to fuel its attack against Mitt Romney over the Republican presidential nominee's tax plan.

The spot, "Won't Say," accuses Romney of being cagey on the details of his proposal and cites reports, as the campaign has in the past, that claim the Republican challenger would have to raise taxes on the middle class to pay for his plan

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"(Romney) won't reveal what's in his taxes, and he won't tell you what he'd do to yours," the ad's narrator says.

Team Obama has been hammering the GOP ticket since Sunday, when both Romney and his running mate Paul Ryan appeared on morning news shows and failed to name specific loopholes they would close as proposed in their plan.

"It's not what loopholes are out there, but who gets them," Ryan said on CBS. "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 was also asked to name specific loopholes and deductions in an interview.

"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 on NBC.

While Romney insists he would not give tax breaks to the very wealthy-only pledging not to raise their rates–Obama's campaign repeatedly points 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.

"You could lose the deduction for your home mortgage, college tuition, health care," the ad says. "How much would you pay? Romney just won't say."

The ad will run in the crucial battleground states of Iowa, Nevada, Virginia and Ohio, according to the campaign.

Along with the spot, the Obama campaign also released a memo saying Romney's budget plan falls $6 trillion short of the $11 trillion needed to balance the budget. The memo, by Obama's campaign policy director James Kvaal, says the $5 trillion in revenue Romney has proposed to raise by closing loopholes would require even more in spending cuts, of which Romney has named "less than $2 trillion."

"Romney's tax and budget plans are a riddle wrapped inside a mystery wrapped inside a total sham," Kvaal wrote in the memo.

Romney's campaign responded to the ad Wednesday, calling the spot "another misleading attack" from Team Obama.

“The only candidate running who wants to raise taxes is President Obama. President Obama’s plan to raise taxes on small businesses and job creators is more proof that he doesn’t have a plan to turn around the economy," said Romney spokeswoman After last week’s devastating jobs report, the last thing we need is more taxes. Mitt Romney has a plan to lower rates across the board, spur investment, and finally get the country back on the right track.”


Filed under: 2012 • Ads • Mitt Romney • Paul Ryan • President Obama • Taxes
soundoff (24 Responses)
  1. Sandy

    Good ad, but it could be better. I think they should have showed a clip of Romney refusing to answer questions about which deductions they would get rid of.

    September 12, 2012 08:07 am at 8:07 am |
  2. HOLY TIGHTY WHITIES WILLARD

    Willard's "Trust Me" strategy is not got to fly over with most people. We want details and transparency. Not to mention, we still want to see the last 5-10 years of the Romney's taxes.

    September 12, 2012 08:08 am at 8:08 am |
  3. dave

    Whether you tax 10% or 90%, the result is still zero when the money is in a foreign bank account. A perfect false, distracting, non-battle battle among the Republicrats.

    September 12, 2012 08:11 am at 8:11 am |
  4. Namejkane sfl a vote for the gop will cut your moms medicare and soc sec .can you afford to pay for them???

    These two gop losers will give more tax breaks to high income earners at your expenses while cuting your moms soc sec and Medicare !!

    September 12, 2012 08:14 am at 8:14 am |
  5. GLS123

    Isn't Camp Romney just splitting hairs.... sounds like he knows the top income people need to pay more in tax ... but wants to use it as a talking point. He says he won't raise their taxes, but he'll lower their deductions, which then makes them pay more tax. Looks like a circular discussion to me. Do they think we are stupid?

    September 12, 2012 08:16 am at 8:16 am |
  6. TomInRochNY

    "When Obama's campaign released a web video earlier this week targeting his opponent over loopholes, the Romney team argued Obama's plan to raise taxes on households making at least $250,000 per year would hurt some small business owners."

    Small business people are only 3% of those earning more than $250k/yr. I'm thinking that isn't going to do much either way. But keeping those tax cuts will help those very saintly bankers and hedge fund managers who pay 15% or less in taxes on their capital gains.

    September 12, 2012 08:16 am at 8:16 am |
  7. Gurgyl

    Mitt, why not show us your 12 years of taxes??? Stashed money in cayman island, Bermuda, Swiss accts??? Please.

    September 12, 2012 08:29 am at 8:29 am |
  8. GI Joe

    Romney is devious and secretive. He's a hot-head-reactionary.

    Neither trait appeals to me.

    Get lost Mitt Romney. We have the President we need to lead us through these trying times.

    Obama/Biden 2012 for a calm steady hand going Forward

    September 12, 2012 08:30 am at 8:30 am |
  9. ST

    Romney has run a horrible campaign I have never come across in my entire life. It has never happened in recent history, one put himself for something and doesn't specify what he will do.

    September 12, 2012 08:34 am at 8:34 am |
  10. smc

    Let’s talk about Obama’s budget that was so silly not even one Democrate could vote for it. 3.5 years and NO budget. He is the president and Romney is not — so to complain about Romney not having a specific enough budget is really rich.

    Journalism is truly dead.

    September 12, 2012 08:38 am at 8:38 am |
  11. smc

    Romney and Ryan said exactly why their proposals is not specific — the line items — the actually loop holes/ tax deductions that get cut are to be debated on the floor of congress — as is appropriate and transparent. Romney will not be a dictator like Obama but a president who values the constitution and the checks/balances of three branches of government.

    CNN — where’s Obama’s budget? Do some real journalism please, not Axelrod talking points.

    September 12, 2012 08:40 am at 8:40 am |
  12. Randy, San Francisco

    The American people should be told which tax loopholes Romney would eliminate. Will Romney eliminate loopholes that helped him avoid paying his fair share of taxes? Off shore bank accounts in the Cayman Islands? $77,000 tax break for the fancy dancing horse?

    September 12, 2012 08:47 am at 8:47 am |
  13. v_mag

    The Robmoney tax return issue is not going away, but the Robmoney campaign is slipping off into Neverland. He can just go and join Bush in whatever bunker he's hiding out in.

    Romney = Bush = disaster.

    September 12, 2012 08:51 am at 8:51 am |
  14. Seattle11

    Looks like Romney certainly knows all about tax loopholes. He has used them for years. Show us your tax returns Mitt.

    September 12, 2012 08:58 am at 8:58 am |
  15. Indy

    So Obama tells the truth that the tax breaks for the wealthy have to end but Romney lies and says his tax plan won't raise taxes on the middle class,and once again Romney and Ryan are outright liars .

    September 12, 2012 09:00 am at 9:00 am |
  16. Anthony

    Obama is being kind to Romney. Romney cannot name the loopholes even if he wanted to do. There are not enough loopholes in the tax code to offset the tax cuts in Romney's tax plan. Eliminate all loopholes and it still will not be enough to make up for the revenue loss from the tax cuts.

    In other words, Romney's tax plan is mathematically impossible.

    September 12, 2012 09:03 am at 9:03 am |
  17. WiredweirdinSF

    Anything Obama can do to get the attention off his failed presidency and the liberally biased media goes right along. I guess they are symptomatic of the Obamanation, lazy, to lazy to dig for the real story.

    September 12, 2012 09:06 am at 9:06 am |
  18. John Oboho

    I believe no investor would invest in a deal without getting the details of it,because he could be in for an unpleasant surprise in the end.If Americans invest in the tax deal of Romney/Ryan without getting the details of it,they could be in for an unpleasant surprise at the end of the day.

    September 12, 2012 09:07 am at 9:07 am |
  19. Forget it

    Why can the media ask what Obama wants to do with the tax loopholes? He has been in this presidency for nearly 4 years and has more information in hand to deliver a policy in the regard. It is smart for Romney not to put it out there so he will be attacked by the liberals. It is a matter of trust in this campaign. If people still trust Obama to handle the economy and run the economy to the ground, so go for it. Everybody is responsible for their own action. The liberals have elected the president in 2008. And they still could not see clear what is happening in this country right now and continue to vote for Obama again this election, it is really their choice.

    September 12, 2012 09:14 am at 9:14 am |
  20. Wire Palladin, S. F.

    I recorded the Ed Show, and it was pointed out that Adelson will give $100 million to Mittens' campaign, because Sheldon will save billions in taxes under the Mittens economic plan. Potentially tens of billions of dollars. Mittens has always been a tax scammer and the wealthy want a part of the action.

    September 12, 2012 09:20 am at 9:20 am |
  21. Rudy NYC

    Mitt Romney has run a secretive campaign, plagued with deception and incompetence. It bears repeating. How a candidate conducts their campaign is a good measure of how they would conduct their elected office.

    Mitt Romney has made it clear that he does not want to tell the public what he will do. He has met several times behind closed doors with business leaders, barring the press from attending, where he laid out some of his plans for them. If elected, he would conduct himself in the same manner. He would meet behind closed doors, excluding all but those from his inner circle of co-conspirators.

    September 12, 2012 09:25 am at 9:25 am |
  22. incredulous

    It's about time. Most people probably don't realize that their home mortgage deduction will probably be on the chopping block (among other things) if R & R get in office. They will literally hit you where you live.

    September 12, 2012 09:28 am at 9:28 am |
  23. Joan

    Not showing his income taxes is going to be a thorne in Romney's side until election day. He should have produced ten years of his taxes back during the primaries when his opponents called for them. Now he is looking very deceitful and seems to be hiding something that he doesn't want Americans to see. This has been a huge blunder for his campaign. There is a nagging feeling now that he is not transparent and might not be as a president either. How can be trusted to make honest tax decisions when people don't know anything about how he handles his own. Obviously he has lousy tax accountants since they have not even been able to finalize his 2011 taxes that were due in April.

    September 12, 2012 09:28 am at 9:28 am |
  24. GI Joe

    Adelson willing to drop $100 Million into Romneys Pocket.

    THEN -- get this -– Adelson will get tax cuts that will put more than a 2000% (that's 2 thousand percent) return on his money.

    And You think something is not FISHY?

    JUST SAY NO TO COMMUNIST CHINESE CASINO MONEY BUYING OUR GOVERNMENT.

    September 12, 2012 09:35 am at 9:35 am |