By

Sarah Huisenga /

CBS News/ October 7, 2012, 9:21 AM

New 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.

Additionally, Romney's campaign accuses Mr. Obama of planning to raise taxes on the middle class by $4,000 with his own tax plan. This figure comes from a study by the conservative American Enterprise Institute that Obama campaign spokeswoman Lis Smith called "a partisan distortion of a study that has nothing to do with the president's proposals."

Obama campaign spokesman Danny Kanner responded to the new ad by arguing that Romney himself is now being dishonest.

"Whether the Romney campaign likes it or not, independent estimates have confirmed that the specific tax cuts Romney has promised - including a 20 percent tax cut across-the-board - would cost $5 trillion," Kanner said in an e-mail to reporters.

"And independent, nonpartisan analysis also shows that to pay for this plan, he would have to raise taxes on middle class families by cutting popular tax deductions like the mortgage interest deduction. These are the facts of Mitt Romney's plan, and no amount of spin, including mischaracterizing the statements of our campaign staff, can change them."

© 2012 CBS Interactive Inc. All Rights Reserved.
  • Sarah Huisenga On Twitter »

    Sarah Huisenga is covering the Mitt Romney campaign for CBS News and National Journal.

55 Comments Add a Comment
linkicon reporticon emailicon
EveningDarkstar says:
I think a great number of Democrats are missing the real issue behind why Romney is doing so well. Folks it is really not economics that drive many many Republicans to vote for this idiot, it is the God ticket, the social issues such as gay marriage, the belief that every man for himself is a better solution to our social problems than the idea that centralized management and working together will achieve better results. The belief that instant gratification and short term profits are better than long term strategies etc.

Those taught to think critically, look at multiple approaches to problem solving, believe in trying new ideas, etc. can quickly realize the inherent problems with Republican thinking. But many Republicans are simply blind and incapable of doing an in depth analysis of their own feelings. They only want simple black or white kinds of answers because that requires less work and thought. The Mitts of the world offer them the answers they want to hear, not the answers they need to hear.

Because of their blindness and unwillingness to value education and new ideas, and/or make an effort to educate themselves, many Republicans live in blind fear of the rest of the world, and anyone who is different from them and their peers. Why do they want to spend more more more on defense? Fear drives them. Why do they want a theocratic government that is willing to jam religious dogma down the throats of those who do not agree with their viewpoints. Because they live in fear of differences.

So getting back to economics forces, many Republicans have been so dumb down that they are no longer capable of connecting these economic dots that have been expressed so elegantly in this article and many of the comments. They are so desperate to cling on to what little they know that they cannot realize just how badly they are being used by the Republican wealthy oligarchs. So intolerance and resistance to any sort of change is their only illusion of hope and safety left. Romney offers them the wonderland of the past with nothing new in the way of creative thought. He evades discussing his economic plans because he knows his audience is either unwilling or incapable of understanding it and therefore willing to place their blind trust in him. He tells them what they want to hear and says "leave the rest of the details to me, trust me, I am on your side" Democrats know Romney is incapable of justifying his plans, but what is worse, and Democrats should realize, Romney doesn't have to answer for his wacky ideas to his Republican followers. THEY ARE INCAPABLE OR UNWILLING TO CHALLENGE HIM OR THEIR OWN BELIEFS! Again, ALL he has to offer is the illusion that a return to an understandable past is better than a (possibly risky) attempt to create a better tomorrow. This is why Romney is presenting them with false hope, using broken ideas from the past. It is because Republicans cling to their belief that they were better off once, and they can return everything around and return to those times.

The Democrats, and Obama are fighting a losing battle with Romney, on the economic front, because they don't want to recognize the underpinnings that is giving Romney a chance at the white house. Democrats believe that it is possible to educate and change Republican minds, with reason, logic and the hope for a better future. But it is an emotional unthinking mind that wants to return to the past, that they are really up against. THAT is the real core issue that they need to be addressing. This has GOT to be a head on fight between these two core philosophical systems, and the Democrats need to join together and stand up and fight for their own core beliefs HARD! Even if it leads to social unrest and rebellion. We have reached the point where reasoning and expecting rational thinking in return, is no longer a currency in our discussions. Just look at how dysfunctional congress and our government, courts, and democratic institutions are becoming! The Republicans have fired a few volleys across the bow of the Democrat's ship, it is time to return fire!

If the Republicans no longer want to compromise and work towards solutions that we ALL can live with, then it is time to ask them if they really want to engage in all out civil war. Obama needs to get enough backbone in him to make a few of the more recalcitrant Republicans realize he is not going to be bluffing either. I realize that advocating civil unrest is not an easy choice, but I fear we are being backed into a corner and it is reaching the point where it is either that, or we capitulate and live in a repressive theocratic society run by a few wealthy oligarchs. The Mid East has already shown what that means, so has past feudalistic societies....
reply
linkicon reporticon emailicon
GOP-R--Con-Men says:
Yep, Romney is so centrist he picked Paul Ryan for vive president a devotee of atheist russian philosopher Ayn Rand. Her beliefs are every man/woman for themself and if hardships befall you, you are on your own with NO HELP from government. Ryan's budget reflects her philosophy. So much so that the catholic bishops and nuns came down on Ryan as a catholic, stating his budget punishes the least agmonst us (poor, elderly.

Ryan in fact favors the philosophy of atheist Ayn Rand over the teachings of Jesus.

I trust nothing with a (R)=Republican associated with it. Their record proves they will lie without apology and cannot be trusted to work to benefit ordinary Americans. Republicans have shown a vote for republicans and Romney/Ryan is a vote for corporations, big oil, big pharma and the super rich and against yourself if you are not in the one percent.
reply
linkicon reporticon emailicon
Guitfiddel says:
I can see if Willard wasn't such a LIAR but MAN! The DUDE LIES FROM WEEK TO WEEK! DAY TO DAY!! He's a DISHONEST, spineless, two faced, FLIP-FLOOPING, say anything to get elected Vietnam draft dodger. He's obviously hiding something about his TAX RETURNS! Come on! During the debate the President didn't stand up to him but, if lying through your teeth somehow enabled human beings to fly, Romney would be the equivalent to an 747. Just tell me ONE THING! What hasn't this dude LIED ABOUT in the last 18months?
reply
linkicon reporticon emailicon
lami987 says:
Obama's figure is absolutely more reliable because it came from a nonpartisan institution, Tax Policy center. Romney's figure came from a conservative institution, American Enterprise Institute. Its surprising Romney could even used that number at a debate in front of so many Americans. And lots of them can think independently for themselves. This shows Romney is completely clueless or is completely self-centered. If indeed Romney eliminates tax loop holes, that means he increases tax on some Americans. That increase could very well falls on American middle class. A remote possibility for Romney to deny the $5 trillion figure is he doesn't know how to calculate 20% tax cuts. Some body forgot to tell him 20% is 0.2.
reply
linkicon reporticon emailicon
siberian99 says:
this guy is a pathetic, flip-floppin' liar ... will say anything to get people to like him and vote for him ...
reply
kroguej replies:
linkicon reporticon emailicon
Unfortunately this seems to be the norm for US politicians. Meg Whitman was the absolute worst for this.
linkicon reporticon emailicon
Filmguy870 says:
It's very simple: He is lying. He always lies, he never doesn't. He is shaking his political etch-a-sketch (his words) again....that is working so far....the "polls" are going his direction....so we is all stoopid, I guess.
reply
linkicon reporticon emailicon
kroguej says:
Smoke and mirrors, he says he is going to lower taxes but make up for it by closing loopholes. My guess is he is lying to us about closing the loopholes so he can sneak the tax cuts past the american middle class. This is the oldest trick in the book.
reply
Lindag20 replies:
linkicon reporticon emailicon
Perhaps if Mitt would indicate WHICH tax loopholes he's proposing to close there could be an analysis of the cost of a 20% across the board tax cut for everyone. This "I have a plan and I'll fill you in on it AFTER I'm elected" doesn't fly with me.
linkicon reporticon emailicon
ongelooflijk-2009 says:
The truth will out! Great youtube video! IN MITTS OWN WORDS! Every member of the voting public should watch this! Mitt Romney is everything you hate about politics!

http://www.youtube.com/watch?v=a2GQMiOEng8&feature=youtu.be

"He'll Say Whatever You Want Him to Say. . .
. . . Just for the Chance to Live in That White House!"
reply
linkicon reporticon emailicon
calif7 says:
Today Newt Gingrich said Mitt flip-flopped (again) on taxes during the debate.
reply
linkicon reporticon emailicon
calif7 says:
Today Newt Gingrich said Mitt flip-flopped (again) on taxes during the debate.
reply
See all 55 Comments