Romney tax plan: Two big unknowns
October 16th, 2012
08:52 AM ET
2 years ago

Romney tax plan: Two big unknowns

New York (CNNMoney) - The nature of campaigning is to make promises. The nature of governing makes it hard to keep all those promises. And so do unforeseen events, like recessions.

That may be why even those who broadly favor the kind of tax reform that Mitt Romney is proposing - lower tax rates, fewer tax breaks - worry that his $5 trillion plan might not deliver all that he's promised.

Watch CNN's coverage of Tuesday's presidential debate starting at 7 p.m. ET on CNN TV, CNN.com and via CNN's apps for iPhone, iPad and Android. Web users can become video editors with a new clip-and-share feature that allows them to share favorite debate moments on Facebook and Twitter. Click here for 13 reasons to watch the debate only on CNN.

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Filed under: Mitt Romney • Taxes
soundoff (26 Responses)
  1. UBS, WILLARD & THE 4000+ AMERICAN AMNESTY DEAL

    The MATH does add up. I wonder if he's still going cite his 6 "Independent/Non-Partisan" reviews.

    October 16, 2012 09:03 am at 9:03 am |
  2. Name Paul smith

    Americans are smart people ! Why would they give George bush the third a next chance to fuck up the country! You all idiots if you vote against Obama 😞 I

    October 16, 2012 09:12 am at 9:12 am |
  3. Name Sebastian

    The purpose of the Romney presidential bid is for congress to be able to pass it's platform agenda.

    October 16, 2012 09:17 am at 9:17 am |
  4. GI Joe

    During Mr. Romney’s four-year term as governor of Massachusetts, he cumulatively spent more than a year — part or all of 417 days — out of the state, according to a review of his schedule and other records. More than 70 percent of that time was spent on personal or political trips unrelated to his job, a New York Times analysis found.

    Mr. Romney, now the Republican presidential nominee, took lengthy vacations and weekend getaways. But much of his travel was to lay the groundwork for the presidential ambitions he would pursue in the 2008 election, two years after leaving office.

    During his last year as governor, he was largely an absentee chief executive. In October 2006, for example, he was out of the state all or part of 25 days.

    October 16, 2012 09:19 am at 9:19 am |
  5. jinx88

    It doesnt add up period. Even Fox news says what Mittens is proposing only adds up to 4% tax cut, but Mittens is claiming 20%. People need to wake up, Mittens is only saying what the American people want to here, this is why he changed what he ran on in the primaries. Mittens will go back to his far right conservatives if elected.

    October 16, 2012 09:24 am at 9:24 am |
  6. Marty, FL

    Romney refuses to give specifics about loopholes and reLies on blogs of all things for his economic "studies." Ridiculous and not trustworthy.

    October 16, 2012 09:24 am at 9:24 am |
  7. Ancient Texan

    Biden's remark that "it won't work and has never worked" was as false as most of his nonsensical rantings. He knows full well that it worked for the DEMOCRAT John F. Kennedy, then for the Reagan administration and then again in the GWB administration, setting record revenues in all three cases.

    October 16, 2012 09:39 am at 9:39 am |
  8. lyn

    Romney only want Power and Money that is how this man work he don't care who he hurt on the way,e.g. like the poor and middle class people, 1, This man fail the American people on Foreign policy, 2,he fail us having various Overseas accounts instead of right here in America, 3, he fire the poor people in Bain Capital, 4,he class 47% of Americans as VICTIMS, 5, he cheat the American people by not Paying the fair amount of TAXES, so America wake up this man Romney is only for POWER & MONEY he is not for the people who really in need.

    October 16, 2012 09:40 am at 9:40 am |
  9. GI Joe

    The biggest unknown is all the lies he told for 18 months, to be followed by even more lies, more blatant lies, in the first debate.

    One KNOWN - Romney will lie, pay for, or steal this election any way he can, and the republican governors are helping him.

    October 16, 2012 09:44 am at 9:44 am |
  10. Gurgyl

    His state was 47/50 in job creation. His statement in THAT Dinner meetin secretly held in Florida with Karl Rowe, Adultryson, Koch brothers was 47% of Americans are dumb guys on welfare. This dude has no idea. I really do not give darn hoot at debate. These guys further ruin USA with IRAN WAR. Yes, on Obama12.

    October 16, 2012 09:46 am at 9:46 am |
  11. NOTADEMOCRAT

    "The nature of campaigning is to make promises" An Obama post-debate talking point. How convenient.
    But in 2008, CNN rarely, if ever, questioned Obama's false promises. Nope, as I recall, most sat right there in his lap and joyfully barked their affections as chills ran up and down their hind legs. So why now question the validity of Romney's promises? If not for bias reasons..

    October 16, 2012 09:48 am at 9:48 am |
  12. rosco

    The bankruptcy filing may fuel further political debate over government financing of alternative-energy and transportation businesses. Federal grants and loans to companies including A123, Fisker and Tesla Motors Inc. have drawn scrutiny from congressional Republicans following the September 2011 bankruptcy filing of solar-panel maker Solyndra LLC two years after it received a $535 million loan guarantee from the U.S. Energy Department.

    October 16, 2012 09:54 am at 9:54 am |
  13. LegalizeReason

    The biggest unkonwn is how do you reduce a large deficit by lowering taxes, the same economy killing strategy that the GOP used in 2000 through 2008 that nearly destroyed this country. Wake up America.

    October 16, 2012 09:55 am at 9:55 am |
  14. enuff

    Romney can promise the sun and the moon for all I care. He is not God (or A god). He still has to work within the confines of the U.S. CONSTITUTUON. Otherwise, it becomes a dictatorship I do not think the congress and senzte would just fall to his feet and proclaim all of his ideas as heaven sent. His idea of working across the aisle is getting everything he wants without a fight. NOT worth my vote. I don't like anything he has said... especially after the 47% comment.

    October 16, 2012 09:58 am at 9:58 am |
  15. Anonymous

    "That may be why even those who broadly favor the kind of tax reform that Mitt Romney is proposing – lower tax rates, fewer tax breaks – worry that his $5 trillion plan might not deliver all that he's promised."

    Oh, whatever, CNN. Mitt Romney's promises are as worthless as Mitt Romney's mom jeans. This man is unknown because this man has no moral compass to guide and hold him steady. His entire life story has been based on nothing but deceit - including his inner relationship with God - so much so that Mitt Romney himself has no idea who he is or what he stands for. Mitt Romney is the epitome of all that is WRONG with America and no good could ever come of a Mitt Romney presidency ... to America or to it's people.

    A well oiled weathervane, maybe. A man of principles, not at all. Who knows what this man intends for America. It's not a chance I'm willing to take ... vote first and find out later. Those advocating a vote first scenario are as corrupt as Mitt Romney.

    October 16, 2012 10:01 am at 10:01 am |
  16. MaryM

    For Romneys plan there are way to many assumptions for it to work. No thank you! No more repub failed policies that got the U.S. into a mess. Romney has many, many Bush advisors.
    My 401k told me if I ever vote for a republican again , it will never talk to me.

    October 16, 2012 10:02 am at 10:02 am |
  17. myviewis

    How dumb. We are talking about Mitt Romney, the job creator, the man that runs huge companies, deals with finances in the millions, knows about economics, banking, investments, brings companies back to life, was a governor, handled the U.S. Olympics and then we have Obama who was a part-time lecturer, practiced law for 4 years and after 4 years did not renew his law license, worked as a community organizer, served ice cream in his teens, author, the man was never a mayor, governor, never even a manager of a supermarket, clothing store, never even worked in a bank at least as a teller, has never dealt with economics, did not study economics, never dealt with finances, investments and this is the guy that this article implies would do a better job than Governor Mitt Romney. How ridiculous, how dumb.

    October 16, 2012 10:21 am at 10:21 am |
  18. Thomas

    And this is just one reason why I do not trust Mitt Romney and never will .

    Romney = GW Bush .

    October 16, 2012 10:25 am at 10:25 am |
  19. S.B. Stein E.B. NJ

    We need to increase revenue to start paying the debt and deficits down. There is no getting around that.

    There are some major assumptions in Romney's "plan" which is more of the same. He assumes that there will be better growth under him than Obama which can't be proven to be true now. Economic growth is a wild card and shouldn't be factored into the plan. How does he plan on getting Congress to pass this? What deductions are going to be a major bone of contention? We don't know if Congress, under anyone's control, is going to let some of their favorite loop holes go away.

    October 16, 2012 10:29 am at 10:29 am |
  20. rs

    Mr. Romney's tax plans has NO unknowns. First- his "6 studies" are bogus. The people and blog sites he trumpeted as supporting his tax plan and saying it will work-didn't. That is just another Romney lie. They all predict massive increases in the deficit (just like the last 3 GOP Presidents). We do know he intends to cut taxes 20% which will effectively reduce his tax bill to 0.0- and give each of the 125,000 richest families in America another $800,000 tax cut windfall. Oh, and Romney thinks he can add another $2 trillion to the military budget (one that already is bigger than the next 10 nation's biggest military budgets COMBINED).

    Sure, that's fiscal responsibility.

    Look- want delusional thinking? Cloudy reality? Maybe another war or two? Vote Romney- and vote against your own self interest.

    October 16, 2012 10:34 am at 10:34 am |
  21. Indy

    Romneys tax plan: TRUST ME,I lie about everything but I won't lie about this,sooooo

    October 16, 2012 10:40 am at 10:40 am |
  22. dorothy owens

    Romney is not to be trusted; he profest to be a christian and lies all the time; we know who President Obama is but we do not know Mitt Romney or Paul Ryan!!

    October 16, 2012 10:41 am at 10:41 am |
  23. Larry in Houston

    the real bottom line is this : Both of the candidates are going to HAVE to raise taxes, plain & simple. The only thing is : Romney will raise it LASTLY for anyone making over 250K – ( I wish I had that "burden" ) I would pay taxes every year – And Gladly) But, unfortunately, It would be a pipedream for me)

    Doesn't matter who is in office come January – neither one of them have a solution to the 16 trillion problem – reducing 2 or 3 or 4 or 5 trillion in a 10 year span isn't going to cut it. Reason ? That's why the interest is so Low – even with the Low Interest, in a 10 yr. span, we will Still Be in Debt. Answer ? They need to "cut" the same amount – but in a Shorter Timeframe. ( not a 10 yr. span)
    May the Best Man Win – 2012
    Hillary – 2016 ( with a surplus in – 2018 )

    October 16, 2012 10:44 am at 10:44 am |
  24. Larry L

    Romney's lack of specifics gives voters only a "promise" that he will make fair and honest decisions. Since he flip-flopped on every issue and constantly distorts the facts why would people trust him? He won't show Americans his tax returns and "trust us" to interpret what we see. The people who trusted Bain Capital trusted him... how did that work out?

    October 16, 2012 10:50 am at 10:50 am |
  25. Rick McDaniel

    You can't predict what Congress will do with that proposal. In the end, it is nothing but a proposal, and nothing may come of it, as it is up to the CONGRESS to deal with the IRS code.

    The Democrats simply want to divide and conquer.......with their phoney class warfare. It is nothing but an election ploy!

    October 16, 2012 10:53 am at 10:53 am |
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