Oct 7, 2012 No Comments ›› Chuck Biscuits
Excerpted from On The Money: President Obama’s campaign Sunday sought to keep undercutting Mitt Romney’s tax proposal, as a campaign spokesperson insisted it was mathematically impossible.
Speaking to the press, spokeswoman Jen Psaki said that Romney’s plan to cut taxes across the board while not contributing to the deficit does not add up.
“And I was not a math major, I was an English major. So just to be clear, this is something any American can do,” she said.
The nonpartisan Tax Policy Center has estimated that Romney’s tax cuts would cost nearly $5 trillion. But Romney maintains that the cost of those cuts can be covered by eliminating various tax credits, deductions and loopholes.
But Psaki argued that even if you give Romney the “absolute benefit of the doubt,” on what various deductions could be trimmed, his plan still comes up short by about a trillion dollars.
Instead, the only way for those cuts to exist is by “either blowing a hole in the deficit or raising taxes on middle-class families,” according to Psaki.
The Romney campaign contends the Obama team is being dishonest in accusing the Republican challenger of pushing a $5 trillion tax cut, and Republicans also contend that the scoring of such tax proposals do not account for the increased economic activity created by those cuts.
Romney and his surrogates have also said he would not approve any tax cuts that increase to the deficit if elected president.