nohone, on 16 October 2012 - 20:37, said:
CNN has fact checked it, and it is simply not true. Cutter first said "It will be a 5 trillion dollar tab", then she said "It will not be near 5 trillion dollars." So she doesn't know what she is talking about. Then she tells CNN to prove it - why doesn't she prove it? She is the one making the claims, the burden of proof is upon her to do it. So why doesn't she, she was there on TV she had the chance to, but either couldn't be bothered or it is all a lie, like she admitted it is.
And we do know what does add up - Obama's record. His record adds up to $1+ trillion deficits year over year over year over year even after he claimed that he would cut the yearly deficit by half, and is still claiming he will do it. But that is OK, we need to make up a mythical $5 trillion over 10 years lie.
Jon Karl’s Rating:
Obama is not accurate when he says Romney’s plan includes a $5 trillion tax cut. Romney has said his tax plan will be revenue neutral. Romney has not provided the details on how he will pay for his tax rate cut, but that does not mean the President can make the details up for him.
This claim would be Mostly Fiction.
It's not true if you take Mitt at his word, but that doesn't mean his word is true. All because Mitt says it doesn't make it so.
Amy Bingham has the facts:
Mitt Romney has said repeatedly, and said again from the debate stage tonight, that his tax plan will be revenue-neutral and will not add to the deficit. But he has yet to outline exactly how he would pay for his plan.
So far the only specifics he has offered on how to pay for his 20 percent across-the-board rate reduction and collection of other tax cutting measures is to eliminate tax “loopholes” for high income earners.
Without these specifics, an analysis by the non-partisan Tax Policy Center estimated that his tax cuts would strip $5 trillion from federal revenues over the next decade, or $456 billion per year.
Romney’s tax plan could add $5 trillion to the deficit. But that is an estimate on an incomplete tax plan. Romney insists that when his plan goes from an election-year outline to a Congress-ready proposal he will include provisions, closing tax loopholes and broadening the tax base, that will ensure it will not add to the deficit. The issue is that no one knows what those provisions are just yet. Recently he has suggested a maximum $17,000 deduction.
So the estimated cost is still in the ballpark of up to $5 trillion, less after deductions, but still not enough to be revenue neutral based on closing loopholes alone.
Once again, how is he going to pay for these tax cuts if he's not going to cut defense? Has to be Medicare, Medicaid, SS, corporate welfare, and/or social welfare.