He wouldn't answer the question. Anyone want to
express their outrage? I mean, gawd, why can't he just answer the question? We all want to know the answer.
Obviously you don't want to know he answer to that question because Romney answered it very clearly during the debate. He said he will cap the total amount of deductions anyone can take at a level that will not effect the middle class but will prevent wealthy Americans such as himself and Obama from deducting larger amounts than some one with an average middle class income could deduct.
For example, he said he might work with Congress to cap all deductions at $25,000. The majority of middle and lower class taxpayers don't take separate deductions and will be unaffected by this cap. The average total deductions for all Americans is $25,545, but for those earning between $100,000 and $200,000 a year, the average total deduction is $38,000 and for those earning over $250,000 a year such as Romney and Obama the average total deduction is $130,000 a year.
The non partisan Tax Policy Center estimates that the $25,000 cap on all deductions will generate $1.3 trillion in new revenues over the next ten years, or $130,000,000,000 a year. Obama claims that Romney's proposed tax cuts will cost the government $500,000,000,000 a year meaning that for Romney to keep the pledge he made during the first debate that he will not allow any tax cut to add to the deficit he will have to cut spending and increase tax revenues by reviving the faltering Obama economy sufficiently to cover another $370,000,000,000 a year.
This is certainly no easy thing to do and it is clear the Obama administration doesn't believe it can do this, but this is exactly what Romney did as governor of Mass. when the Democrats there claimed it couldn't be done; he cut spending and encouraged new business investment to revive Mass. debt ravaged economy, putting Mass. taxpayers back to work and turning billions of dollars of debt into billions of dollars of surplus in less than four years.
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