Presidential town hall debate excerpts – President Barack Obama on Romney’s tax plan

Edited by Jenny Jiang

Excerpts from the presidential town hall debate at Hofstra University in Hempstead, New York on Oct. 16, 2012

Transcript of President Barack Obama’s remarks on Gov. Mitt Romney’s tax plan

President Barack Obama: Look, the cost of lowering rates for everybody across the board, 20 percent. Along with what he also wants to do in terms of eliminating the estate tax, along what he wants to do in terms of corporates, changes in the tax code, it costs about $5 trillion.

Governor Romney then also wants to spend $2 trillion on additional military programs even though the military’s not asking for them. That’s $7 trillion.

He also wants to continue the Bush tax cuts for the wealthiest Americans. That’s another trillion dollars — that’s $8 trillion.

Now, what he says is he’s going to make sure that this doesn’t add to the deficit and he’s going to cut middle-class taxes.

But when he’s asked, how are you going to do it, which deductions, which loopholes are you going to close? He can’t tell you.

The — the fact that he only has to pay 14 percent on his taxes when a lot of you are paying much higher. He’s already taken that off the board, capital gains are going to continue to be at a low rate so we — we’re not going to get money that way.

We haven’t heard from the governor any specifics beyond Big Bird and eliminating funding for Planned Parenthood in terms of how he pays for that.

Now, Governor Romney was a very successful investor. If somebody came to you, Governor, with a plan that said, here, I want to spend $7 or $8 trillion, and then we’re going to pay for it, but we can’t tell you until maybe after the election how we’re going to do it, you wouldn’t take such a sketchy deal and neither should you, the American people, because the math doesn’t add up.

And — and what’s at stake here is one of two things, either Candy — this blows up the deficit because keep in mind, this is just to pay for the additional spending that he’s talking about, $7 trillion – $8 trillion before we even get to the deficit we already have. Or, alternatively, it’s got to be paid for, not only by closing deductions for wealthy individuals, that — that will pay for about 4 percent reduction in tax rates.

You’re going to be paying for it. You’re going to lose some deductions, and you can’t buy the sales pitch. Nobody who’s looked at it that’s serious, actually believes it adds up.

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