Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-7pm ET on CNN.
CNN's Wolf Blitzer talks with Republican presidential candidate Mitt Romney about his tax plan.
RELATED: Romney on debate inspiration from his father
We really do waste a lot of time and money in elections.
In the U.S. we only have 2 choices – Democrat or Republican.
No Matter how the candidate looks or talks,He will follow the Party line.We see this in the Congress right now.
So study Party policy and vote for the person who will benefit you and the Nation.
"Obama is finished!!! And the sooner he goes the better!
He will be gone in 4 more years
I agree with Doug if Romney cuts or eliminate the Mortgage Interest Tax Deduction, he will kills the home industry, as Real Estate Broker, I can tell the motivation of buying a home is the ability to reduce the interest paid on the mortgage from our taxes return, he will kill the real estate market as we know it. Remember Gorge Bush he eliminate the Mortgage brokers and it was the begging of the mortgage malt down.
How on earth did Mr. Romney provide more specifics? He has once again contradicted himself. His previous statement was that he is reducing taxes so businesses could generate more employment. He is now saying that his tax plan is tax neutral. How can that generate jobs? His answers/statements are inconsistent. which shows he really does not have clear plans. But Wolf simply let that go in the interview.
Let's look at what you just said and how it so happens that every point you just made is inaccurate. The BIG point dems keep ignoring is the part about GROWTH. When you lower tax rates, limit deductions and the like and add in the GROWTH that it causes, it IS (and has been proven by independent reports) revenue neutral. Once it gets to neutral, it will continue to grow and then increase revenues to the federal government overall. You have MORE people making MORE money, paying MORE taxes. Not by raising the rates but by broadening the base. Second, the deductions and loopholes are taken most advantage of (per amount) by upper income individuals. Limiting those while also lower the rate 20% leaves them with essentially the same tax bill. And finally, one the point on his dad's "fortune", you do realize he gave that all away, right? He didn't take his dad's fortune. He started his own company, made his own success.
Ty, the issue isn't how wealthy Mitt is nor how much he gave away. The issue is a tax code that is out of whack and is immoral. Bush tax cuts, both marginal rates and capital gains, did nothing to spur economic growth and in fact led to the start of huge deficits. Romney pays capital gains tax on his earnings from Bain. That so called carried interest treats what is really ordinary income as a capital gain. For example he, and others like him, including hedge fund managers get 20% of the profits made from investors income. That 20% is treated as a capital gain. Is that fair? Romney's plan is another spin of the same old Reagan and Bush supply side economics. It doesn't work!!!
Seriously, Mitt Romney would be disqualified as a legit candidate for the leader of our land based on the amount of lies, changed positions, 180's, misleading statements and vagueness in which the media outlets in the USA have allowed him to get away with.
If you lie and cheat in class you get suspended.
if you lie and cheat and mislead at work you lose your job.
Why is it that Mitt Romney who can be seen on Youtube over and over again lying and changing his positions is not being held accountable by the media and is still in contention for a job where TRUST is a high priority?
Romney donated all of the wealth that his dad gave him to Brigham Young University. He is a self made millionaire.
Romney's tax plan has actually become more vague as it had been. In the debate, his economic argument is that the lesser the tax, the more jobs would be generated, which is logically correct because businesses would have more to spend including generation of employment. But hearing him in the Situaiton Room interview, he said his plan incudes cutting on deductions. He said that Obama is mistaken when he says that Romney's tax cut would add to the deficit, absent any specifics on how he will offset for the tax cut. He argues that the president has not consider his plan to eliminate some deductions. Ha! Then that is not a tax cut – its tax neutral. Reducing tax rate but at the same time removing some deductions is tax neutral. so what actually is Romney's plan? There is no tax cut after all. This undermnes his economic argument for this tax cut plan.
Romney has been saying that he would limit deductions after a certian dollar amount. Isn't this an alternative mimium tax. He says he will eliminate the AMT on his website. I wish someone would ask him how those two policies aren't in conflict.
Romney admires, justifiably, his dad, but does not follow his dad in releasing 10+ years of income tax returns. Why, did he take advantage of the IRS 2009 amnesty and is embarrassed? Certainly it was not illegal!
There is more than one way to accomplish a goal driven by sound principal. To demand detailed specifics on numbers, percentages, or lines of legislation to be made discounts our future president's ability to work with all members of congress, and get ideas from a host of others sources that can be used to accomplish the goals. These demands perpetuate partisanship. Leave the door open for different ways to accomplish the same goal. To use a sports analogy, there is more than one way to score a touchdown. Just score that touchdown!
Mitt Romeny wants to give tax cuts to middle class, however, he also wants to reduce deductions, credits also. So even if you are giving a tax cut it will not offset the deductions and credits they will lose. So at the end, the middle class will not see the tax cut but could actually pay taxes or more taxes as a result. I know this, I do taxes.
Simple math: individual taxes amount to $2.5T, 20% of this is $500B, which over 10 years is Romney $5T tax cut. All deduction for folks earning over $1M are $50B/year or $500B per ten years. So after eliminating ALL deductions for ALL millioners Romney tax cut is still costing $4.5T. Is he going simply print money to pay for it?
Wolfe didn't do as good a job getting out details any better than Obama did during the debate. Wolfe should have pressed the issue.
Blitzer is mouthpiece of Romney campaign. Let me spell it for you: THERE ARE NO DETAILS WHATSOEVER IN THIS "INTERVIEW" How about some decency to correct this title or allow posting of a comment.
Wolf Blitzer's interview was loaded with softball questions. Those questions allow for answers that aren't revealing. Specifically, when it comes to a tax plan, why weren't question dealing with how Romney would address things like capital gains taxes and carry interest. How carry interest essentially can be used to shelter $100,000,000.00 for his kids without paying taxes! We have two separate and unequal tax codes in this country and that is morally wrong. Ordinary income is not where the inequities lie. Also, corporate tax rates are not too low. How many of the major corporations paid no taxes for years by sheltering profits in overseas subsidiaries, then lobby Congress to provide tax forgiveness. Come on guys, lets get tough and stop softballing. Americans don't understand how this two class system has evolved. It is your job to educate them.
Blocking comment criticizing this insane title "Romney gets specific on tax plan"? There is not single detail on his plan other than general "we will cut some deductions" and trust me it will work.
It is mathematically impossible, to eliminate the Mortgage Interest Tax Deduction, wihout devastating the Middle Class Home Owner, and sending home values into a death spiral. On this single point alone, it makes me wonder what Romney is actually qualified for, other than to hire talented Finacial Advisers to handle the fortune his Dad left him.
I watched the Wolf Blitzer interview as well as the debate, and Romney has never stated a plan to eliminate the home mortgage deduction. Hello, did you not hear the idea about a cap on deductions?? Pretty sure middle income people will not be adversely affected. I love how people pick and choose things and take them out of context in order to advance their own agenda...there are some really desperate Obama supporters out there!
My only agenda here is not to lose my house. So I plead guilty for having an agenda, but I can't confess to being a Democrat or a Republican. Romney has admitted to his plan to eliminate the Mortgage Interest Deduction as a way to balance out lowering Income Taxes. ( Whats the point by the way?) Romney won't say anything specific as to what degree. I would say we would have to wait and see, but Romney has no chance of getting elected. I don't vote. Call me a Socially Liberal Libertarian.
To take issue with someone's ability to lead because they have money in the bank is short sighted. Compare the two candidates leadership record between the Senate/Presidency for Obama and Governorship for Romney. The Mortgate Interest question was led by Wolf, not offered by Romney.
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The Situation Room with Wolf Blitzer is the command center for breaking news, politics and extraordinary reports from around the world. Tune in weeknights from 5-7pm ET on CNN.
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