Transcript: Debate excerpts – Mitt Romney on his tax policies

Edited by Jenny Jiang

Excerpts from Republican presidential nominee Mitt Romney’s remarks on his tax policies at the first presidential debate held at the University of Denver, Colorado on Oct. 3, 2012:

“First of all, I don’t have a $5 trillion tax cut. I don’t have a tax cut of a scale that you’re talking about. My view is that we ought to provide tax relief to people in the middle class. But I’m not going to reduce the share of taxes paid by high-income people. High-income people are doing just fine in this economy. They’ll do fine whether you’re president or I am…”

“…We ought to bring the tax rates down. And I do, both for corporations and for individuals. But in order for us not to lose revenue, have the government run out of money, I also lower deductions and credits and exemptions, so that we keep taking in the same money when you also account for growth…”

“With regards to that tax cut, look, I’m not looking to cut massive taxes and to reduce the — the revenues going to the government. My — my number-one principal is, there will be no tax cut that adds to the deficit. I want to underline that: no tax cut that adds to the deficit.

“But I do want to reduce the burden being paid by middle-income Americans. And I — and to do that, that also means I cannot reduce the burden paid by high-income Americans…”

“I’m not looking for a $5 trillion tax cut. What I’ve said is I won’t put in place a tax cut that adds to the deficit. That’s part one. So there’s no economist that can say Mitt Romney’s tax plan adds $5 trillion if I say I will not add to the deficit with my tax plan.

“Number two, I will not reduce the share paid by high-income individuals. I know that you and your running mate keep saying that and I know it’s a popular thing to say with a lot of people, but it’s just not the case. Look, I’ve got five boys. I’m used to people saying something that’s not always true, but just keep on repeating it and ultimately hoping I’ll believe it. But that — that is not the case. All right? I will not reduce the taxes paid by high-income Americans.

“And number three, I will not under any circumstances raise taxes on middle-income families. I will lower taxes on middle-income families. Now, you cite a study. There are six other studies that looked at the study you describe and say it’s completely wrong…

“There are all these studies out there. But let’s get at the bottom line. That is, I want to bring down rates. I want to bring the rates down, at the same time lower deductions and exemptions and credits and so forth, so we keep getting the revenue we need. And you’d think, well, then why lower the rates?”

“And the reason is because small business pays that individual rate; 54 percent of America’s workers work in businesses that are taxed not at the corporate tax rate, but at the individual tax rate. And if we lower that rate, they will be able to hire more people. For me, this is about jobs. This is about getting jobs for the American people.”

“Mr. President, you’re absolutely right, which is that, with regards to 97 percent of the businesses are not — not taxed at the 35 percent tax rate, they’re taxed at a lower rate. But those businesses that are in the last 3 percent of businesses happen to employ half — half of all the people who work in small business. Those are the businesses that employ one-quarter of all the workers in America. And your plan is to take their tax rate from 35 percent to 40 percent.

“Now, and — and I’ve talked to a guy who has a very small business. He’s in the electronics business in — in St. Louis. He has four employees. He said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax. It added up to well over 50 percent of what they earned. And your plan is to take the tax rate on successful small businesses from 35 percent to 40 percent. The National Federation of Independent Businesses has said that will cost 700,000 jobs.

“I don’t want to cost jobs. My priority is jobs. And so what I do is I bring down the tax rates, lower deductions and exemptions, the same idea behind Bowles-Simpson, by the way, get the rates down, lower deductions and exemptions, to create more jobs, because there’s nothing better for getting us to a balanced budget than having more people working, earning more money, paying more taxes. That’s by far the most effective and efficient way to get this budget balanced.”

“…Why is it that I don’t want to raise taxes? Why don’t I want to raise taxes on people? And actually, you said it back in 2010. You said, ‘Look, I’m going to extend the tax policies that we have now; I’m not going to raise taxes on anyone, because when the economy is growing slow like this, when we’re in recession, you shouldn’t raise taxes on anyone.’

“Well, the economy is still growing slow. As a matter of fact, it’s growing much more slowly now than when you made that statement. And so if you believe the same thing, you just don’t want to raise taxes on people. And the reality is it’s not just wealthy people — you mentioned Donald Trump. It’s not just Donald Trump you’re taxing. It’s all those businesses that employ one-quarter of the workers in America; these small businesses that are taxed as individuals.

“You raise taxes and you kill jobs. That’s why the National Federation of Independent Businesses said your plan will kill 700,000 jobs. I don’t want to kill jobs in this environment.”

###

Learn More:

3 Comments on “Transcript: Debate excerpts – Mitt Romney on his tax policies

  1. Pingback: Gallup & Reuters/IPSOS polls show post-debate bump for Romney | What The Folly?!

  2. Pingback: Transcript: Debate excerpts - Mitt Romney on his plan to replace Obamacare | What The Folly?!

  3. Pingback: Transcript: Debate excerpts - Mitt Romney's closing remarks | What The Folly?!

Leave a Reply

Your email address will not be published.