October 12th, 2012
07:58 AM ET
7 years ago

The facts behind Romney's $5 trillion tax plan

New York (CNNMoney) - Mitt Romney promises to pay for his $5 trillion in proposed tax cuts so they don't add to deficits - and would do so in large part by curbing tax breaks on the rich.

He also has promised not to raise taxes on the middle class.


Filed under: 2012 • CNNMoney.com • Mitt Romney • Paul Ryan • Taxes
soundoff (41 Responses)
  1. Fact

    Didn't Romney say at the last debate that ther was no $5Trillion tax cut and if he is not cutting it for the Middle class, who gets the tax cut? Further, how is paying for the $5Trillion? He cannot specify at all.

    October 12, 2012 08:20 am at 8:20 am |

    Robmey's tax is MALARKEY!!!

    October 12, 2012 08:22 am at 8:22 am |
  3. Marty, FL

    Without the specifics, Romney would give more disproportionate tax cuts to the rich off the backs of the middle class.

    October 12, 2012 08:48 am at 8:48 am |
  4. Donkey Party

    Taxes are at their lowest points in over 60 years. The fact is, we ALL need to pay a little more. We've already seen over the last decade that big tax cuts (mainly for the wealthy), don't create jobs. Any right-winger that tries to dispute this doesn't have facts on their side.

    October 12, 2012 08:52 am at 8:52 am |
  5. 4moreyears

    A bunch of Marlarchy.

    October 12, 2012 08:56 am at 8:56 am |
  6. Evergreen

    These are "Facts" or campaign statments. Weeks befor the election we are still waiting for details.

    October 12, 2012 09:09 am at 9:09 am |
  7. Chris

    Actually, Mitt DID IN FACT say "let Detroit go bankrupt." Just search "Romney vs. Romney" on you tube, and forward to 3:18 to see him say it himself!

    October 12, 2012 09:29 am at 9:29 am |
  8. enuff

    Another "read my lips" moment?

    October 12, 2012 09:45 am at 9:45 am |
  9. vic , nashville ,tn

    $5 trillion in proposed tax cuts need 5 trillion lies to defend itself

    October 12, 2012 09:50 am at 9:50 am |
  10. Four and The Door

    Oh how Obama/ Biden 2012 hates tax cuts. But the numbers do work, several different ways. And they do help get the economy back from it's dismal 1.3% growth where unemployment stays high and wages stay low. Bottom line, Mitt Romney and Paul Ryan have worked out a plan for economic growth driven by the private sector where it needs to be and this clashes with Obama's philosophy of big government.

    October 12, 2012 10:28 am at 10:28 am |
  11. Reginald Chouinard

    A 5 trillilion tax break would hurt the poor and drag dowm the middle class and push them cioser to the poor class.

    October 12, 2012 10:41 am at 10:41 am |
  12. Dominican mama 4 Obama

    The one that's up on the Romney/Ryan website?
    The one that Romney said during the Presidential debate that he didn't have?
    The one that Ryan acknowledged was part of their platform last night?
    The one where the math doesn't add up as explained by R & R?
    Or the one where the math ONLY adds up if they put all exemptions, loopholes et al to the upper 1% on the table which they REFUSE to do?
    Obama 2012. Period.

    October 12, 2012 10:45 am at 10:45 am |
  13. Four and The Door

    Reginald Chouinard
    A 5 trillilion tax break would hurt the poor and drag dowm the middle class and push them cioser to the poor class.
    So letting people keep more of their earnings somehow hurts them? How does that work?

    October 12, 2012 10:48 am at 10:48 am |
  14. rs

    You hae to love Mr. Romney and Mr. Ryan- they love to toss at Mr. Obama "this is what you do when you have nothing to run on". Really? Reagan cut taxes for the rich. It worked so well he had to raise taxes (as did Bush (the elder). Bush the son cuts taxes for the rich, and we grow the biggest defict ever in American history- and like Reagan NO JOBS. What do Romney and Ryan propose? Not only keep the failed Bush tax cuts in place but add ANOTHER 20% to them!!

    These guys don't know history, or simply want to line their pockets with the money from the poor and middle class. They have the nerve to say raising taxes back to Reagan era levels on the rich is "class warfare".

    Sure- they'll fo anything for the richest 125, 000 families in America, and kick the rest of us to the curb.

    October 12, 2012 10:48 am at 10:48 am |
  15. Anthony

    Well, because Romney said that the rich won't get a net tax cut and he won't raise taxes on the middle class, that leaves only one group to pay the 5-trillion tab: the poor. Of course, that is not likely. There is a reason that they don't pay income tax– they don't have the money. What will happen instead is that everyone, including the rich, gets a tax cut, and the cost of the tax cut (which won't be made up by closing the loopholes for the rich, because they are not enough of them in the tax code) will be added to the national debt.

    October 12, 2012 10:55 am at 10:55 am |
  16. truth hurts

    Donkey Party - Taxes are at their lowest points in over 60 years. The fact is, we ALL need to pay a little more.
    Taxes receipts are down because Obama has kept 24 MILLION people unemployed or under employed . We have a much smaller workforce and a stagnant economy so far less tax revenue. Thank you Obama.

    We've already seen over the last decade that big tax cuts (mainly for the wealthy), don't create jobs. Any right-winger that tries to dispute this doesn't have facts on their side.
    You might want to try telling this to Obama and the Democrats because they EXTENDED the Bush tax cuts so they are now the Obama tax cuts. BTW, the tax cuts were to ALL taxpayers and MOST of the tax cuts did NOT go to the "rich". And then there was that 50 straight months of strong economic growth and low unemployment during the Bush years that the leftist always choose to ignore.

    And most economists say the massive tax increases due to kick in in January will through throw economy into a recession again.

    All of this renders your statements as what they are. total leftist garbage.

    But I DO agree, that we ALL must pay taxes. Unfortunately, that will never happen as it goes against the leftist progressive redistributionist mentality.

    October 12, 2012 10:59 am at 10:59 am |
  17. sara

    Every economist says that the MATH doesn't add up.

    October 12, 2012 11:02 am at 11:02 am |
  18. Observing from A Distance

    If you good American folks are stupid enough to put these two lying carpet baggers into office(Romney And Ryan)....you deserve everything you get...depression, recession, the plague, pestelance and god forbid servitude to China...and I guess the rest of the world can wait for China to take over the reins and the ancient biblical quote about the yellow race shall inherit the earth will have come to fruition.......oh and by the way you are going to need lots more flags to bury your youth in because you will be at war in the middle east until the arabs have killed all the infidels.....oh in case you didn't know that's you guys.

    October 12, 2012 11:08 am at 11:08 am |
  19. troy

    I honestly don't believe any poll. Most people are middle class, and most people know that Romney's tax plan will hurt the middle class. I really think the polls are rigged just to keep the polling agencies relevant, and the media's readership up. It's so obvious as to why Romney won't release details of hi tax plan. People aren't that dumb.

    October 12, 2012 11:18 am at 11:18 am |
  20. Mikey

    Romney has gone around for a year bragging about his plan to cut taxes 20% across the board. Now, we find out his plan is supposed to be "revenue neutral", which means it is not a tax cut at all. It was all a bunch of 'malarkey' all the time.

    Romney and Ryan say the rich will pay at least as much as they are now after the 20% tax rate reduction. However, most wealthy people don't have enough deductions to make this revenue neutral for them, so they are likely to get an overall tax break. If the whole bill is revenue neutral and you can't make up the difference by reducing deductions on the rich, who do you think is going to make up the difference? You go it – the middle class. DON'T BE FOOLED!

    October 12, 2012 11:24 am at 11:24 am |
  21. Obama alltheway

    The 3rd George bush term. Coming to a theater near you January 2013. Cannot wait. Chickens come home to roost. Thank u God.

    October 12, 2012 11:34 am at 11:34 am |
  22. Patrick in Wisconsin

    Four, are you Paul Ryan in disguise? You're lack of real facts makes me curious.

    October 12, 2012 11:43 am at 11:43 am |
  23. FreeHawk9

    Bain Boy said that his 14% tax rate was fair and good for the country. How much more obvious does it need to be? He will not only stick it to the Middle Class; he will end the Middle Class.

    October 12, 2012 11:51 am at 11:51 am |
  24. Ray E. (Georgia)

    You like the Liberal/Democrat plan? More people on food stamps versus jobs Re-Elect Obama. You will get your wish. And remember, A billion here, a Billion there, pretty soon we're talking real money. For 40 years the democrats had the Congress. All we have to show for it is a 16 Trillion dollar federal debt. You like? Re-Elect Obama. If you have a job today, it may be gone tomorrow.

    October 12, 2012 11:59 am at 11:59 am |
  25. Mikey

    @Four – "Oh how Obama/ Biden 2012 hates tax cuts"
    I guess that is why they have put through some 25 separate tax cuts including the biggest 2 year tax relief in the history of the United States. What they are not for is losing $6T (extending Bush plus Romney) in revenue that will either have to be made up elsewhere or added to the deficit. Personal income taxes are at their lowest rates in 80 years. The top marginal rate was 92% in the 1950's under Eisenhower, 70% in the 1970's, 50% in the 1980's, and 40% in the 1990's. We had great economic growth during most of that time.

    It was the greatest generation that paid those 92% rates to pay for WWII. Now we are stuck with the most selfish generation that refuses to pay a penny more in taxes when we are $16T in debt. Shameful, simply shameful.

    October 12, 2012 12:02 pm at 12:02 pm |
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