Check out the last paragraph. Isn't that limit LESS than what Pres. Obama wants?
WESTERVILLE, Ohio – After months on the trail touting a major
across-the-board tax cut, Mitt Romney walked back expectations
Wednesday, telling an Ohio crowd not to look forward to a “huge cut in
Mr. Romney’s budget math has faced intense scrutiny as budget experts
find it difficult if not impossible to reconcile his plans to increase
military spending and cut taxes while also balancing the budget in
roughly eight years. The Republican nominee appeared to be acknowledge
Wednesday that the tax-rate cut of 20% that he promised for all
Americans won’t provide as much relief as some may have hoped.
“I want to bring the rates down,” Mr. Romney said at a rally here
Wednesday morning. But “don’t be expecting a huge cut in taxes because
I’m also going to lower deductions and exemptions,” he said.
“My priority is jobs,” Mr. Romney added.
Earlier this year Mr. Romney rolled out a sweeping tax plan that would
have cut rates by 20% for all Americans. He said he would pay for it
by limiting or killing deductions for high-earners and that it would
drive economic growth, which would offset the rest of the cost.
On Wednesday morning, Mr. Romney didn’t limit himself to cutting
deductions solely for the wealthy. Mr. Romney never explained who
would count as a high-earner under his tax plan. And recently a
staffer offered a scenario that he said could make Mr. Romney’s tax
plan workable: Eliminating or trimming deductions for those earning
$100,000 or more – a subset of people that may not always view
themselves as high-earners, particularly depending on where they live.