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Obama aide: Romney tax plan doesn't add up

Oct. 7, 2012 at 5:17 PM   |   Comments

ABOARD AIR FORCE ONE, Calif., Oct. 7 (UPI) -- An aide to President Obama told reporters Sunday that Republican rival Mitt Romney's tax plan doesn't add up.

Democrats have been slamming what they call Romney's $5 trillion "revenue neutral" tax cut proposal.

Speaking aboard Air Force One as Obama headed to Los Angeles for a fundraiser, Deputy White House Communications Director Jen Psaki said Romney has proposed lowering taxes 20 percent for everyone over 10 years at a cost of $2.7 trillion; repealing the high income payroll tax at a cost of $300 billion; ending the estate tax for a cost of $150 billion; and lowering the corporate tax rate from 35 percent to 25 percent for a cost of $1.1 trillion.

Psaki said that adds up to $4.8 trillion in revenue losses, rising to $5 trillion when factoring in interest payments for additional government borrowing.

Romney has taken off the table tax breaks for savings, capital gains, IRAs and 401(k)s, she said.

That's hardly revenue neutral, Psaki said.

"Eliminating all of the high-income tax breaks, all tax breaks across the board for high-income individuals, as he said he would do, that still only gets you to $2.7 trillion," Psaki said. "Nobody thinks he's going to do that."

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