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Romney: Fewer Tax Deductions for the Wealthy, No Tax Hikes on Middle Class
By Susan Jones
September 10, 2012
(CNSNews.com) - "We're not going to have high income people pay less of the tax burden than they pay today. That's not what's going to happen," Republican presidential nominee Mitt Romney told NBC's "Meet the Press" on Sunday.
"I do want to bring taxes down for middle income people," he said. "In particular, I want middle income Americans not to have to pay taxes on interest and dividends and capital gains."Asked whether his plan would reduce the deficit, Romney said it would: "And if we limit or eliminate some of the loopholes and deductions at the high end, we keep the current progressivity of the (tax) code and we get the same revenue coming into the government. And one marvelous thing we get is more growth of the economy. Romney said his tax policy is designed to encourage more hiring: "I'm very concerned that we have 23 million people that are out of work or stopped looking for work or under-employed. And so everything I want to do with regards to taxation follows simple principles, which is bring our rates down to encourage growth, keep revenue up by limiting deductions and exemptions and make sure we don't put any bigger burden on middle income people. In fact, I want to lower the burden on middle income people.
Asked to give an example of a loophole he would close, Romney avoided specifics:
"Well, I can tell you that people at the high end, high income taxpayers, are going to have fewer deductions and exemptions. Those-- those numbers are going to come down. Otherwise, they'd get a tax break.
"And I want to make sure people understand, despite what the Democrats said at their convention, I am not reducing taxes on high income taxpayers. I'm bringing down the rate of taxation, but also bringing down deductions and exemptions at the high end so the revenues stay the same, the taxes people pay stay the same.
"Middle income people are going to get a break. But at the high end, the tax coming in stays the same. But we encourage small business, because small business is able to keep more of what it makes and therefore hire more people, which is my priority."
Romney's running mate Paul Ryan, appearing on ABC's "This Week," also avoided specifics:
“We want to have this debate with Congress,” Ryan said, in response to a question about which tax breaks he and Romney would eliminate:
“We want to do this with the consent of the elected representatives of the people and figure out what loopholes should stay or go and who should or should not get them. And our priorities are high income earners should not get these kinds of loopholes.”
Romney told NBC he will balance the budget by the end of his second term.
"Doing it in the first term would cause, I believe, a dramatic impact on the economy. Too -- too dramatic. And therefore the steps I've put in place and we've put together a plan that lays out how we get to a balanced budget within eight to 10 years."
By Susan Jones
September 10, 2012
(CNSNews.com) - "We're not going to have high income people pay less of the tax burden than they pay today. That's not what's going to happen," Republican presidential nominee Mitt Romney told NBC's "Meet the Press" on Sunday.
"I do want to bring taxes down for middle income people," he said. "In particular, I want middle income Americans not to have to pay taxes on interest and dividends and capital gains."Asked whether his plan would reduce the deficit, Romney said it would: "And if we limit or eliminate some of the loopholes and deductions at the high end, we keep the current progressivity of the (tax) code and we get the same revenue coming into the government. And one marvelous thing we get is more growth of the economy. Romney said his tax policy is designed to encourage more hiring: "I'm very concerned that we have 23 million people that are out of work or stopped looking for work or under-employed. And so everything I want to do with regards to taxation follows simple principles, which is bring our rates down to encourage growth, keep revenue up by limiting deductions and exemptions and make sure we don't put any bigger burden on middle income people. In fact, I want to lower the burden on middle income people.
Asked to give an example of a loophole he would close, Romney avoided specifics:
"Well, I can tell you that people at the high end, high income taxpayers, are going to have fewer deductions and exemptions. Those-- those numbers are going to come down. Otherwise, they'd get a tax break.
"And I want to make sure people understand, despite what the Democrats said at their convention, I am not reducing taxes on high income taxpayers. I'm bringing down the rate of taxation, but also bringing down deductions and exemptions at the high end so the revenues stay the same, the taxes people pay stay the same.
"Middle income people are going to get a break. But at the high end, the tax coming in stays the same. But we encourage small business, because small business is able to keep more of what it makes and therefore hire more people, which is my priority."
Romney's running mate Paul Ryan, appearing on ABC's "This Week," also avoided specifics:
“We want to have this debate with Congress,” Ryan said, in response to a question about which tax breaks he and Romney would eliminate:
“We want to do this with the consent of the elected representatives of the people and figure out what loopholes should stay or go and who should or should not get them. And our priorities are high income earners should not get these kinds of loopholes.”
Romney told NBC he will balance the budget by the end of his second term.
"Doing it in the first term would cause, I believe, a dramatic impact on the economy. Too -- too dramatic. And therefore the steps I've put in place and we've put together a plan that lays out how we get to a balanced budget within eight to 10 years."
