New Romney ad disputes Obama claim on $5 trillion tax cut
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New Romney ad disputes claim his tax cuts will cost$5 trillion; Obama camp says Romney being dishonest http://t.co/qCG318h1New Romney ad disputes Obama claim on $5 trillion tax cut
ORLANDO, FLA.In an effort to combat the Obama campaign's recent attacks on his tax plan, Mitt Romney's campaign is releasing a new TV advertisement on Sunday that accuses the president of distorting the Republican nominee's economic plan - a charge that the Obama campaign says is wrong.
The ad, "5 Trillion," says Obama is "not telling the truth about Mitt Romney's tax plan" and focuses on fact checks from both the Associated Press and ABC News that dispute the claim.
During the first presidential debate, President Obama referred to Romney's "$5 trillion tax cut" four times.
The number comes from a study by the nonpartisan Tax Policy Center that examined Romney's tax proposals - including his plan to reduce federal income tax rates by 20 percent, in addition to eliminating the estate tax and other tax reductions. The center estimated that the lost revenues would total $480 billion by 2015.
The Obama campaign used this number to project the cost over a decade and came up with approximately $5 trillion.
But as PolitiFact and other fact-checking organizations have pointed out, Romney's tax plan also includes offsetting lost revenue by getting rid of deductions and closing loopholes. Romney himself has said that his tax cuts will be revenue-neutral, though he hasn't specified which deductions or loopholes he'll close - one of the central criticisms that Democrats have lodged against him.
Obama deputy campaign manager Stephanie Cutter said during an interview on CNN that when deductions are included, Romney's tax plan "won't be near $5 trillion." The Romney campaign seized on the remarks and included them in their new ad.
