USA TODAY: … Facts: Romney has proposed cutting tax rates by 20% in each bracket, which, the liberal Center for Budget and Policy Priorities says would cost $4.9 trillion over 10 years. Romney said his plan will be paid for by curtailing tax deductions, so middle-class people pay less overall and upper-income people don’t see lower taxes. Last month in Ohio, Romney said middle-class people would see little change in their taxes under his plan.
Romney has declined to say what tax deductions he would end. The non-partisan Tax Policy Center has contended that middle-class families would see taxes rise about $2,000 a year under Romney’s plan if he keeps his promise to make the tax reform revenue-neutral, arguing that it can’t be done without ending popular middle-class deductions on mortgage interest and charitable contributions.
The American Enterprise Institute, a conservative-leaning think tank, has said that the gap can be closed by ending tax breaks targeting the wealthy, including tax exemptions for interest on municipal bonds… (more)
