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Romney Dials Back Expectations on Tax Cut

areafiftyone

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WESTERVILLE, Ohio – After months on the trail touting a major across-the-board tax cut, Mitt Romney walked back expectations Wednesday, telling an Ohio crowd not to look forward to a “huge cut in taxes.”

Mr. Romney’s budget math has faced intense scrutiny as budget experts find it difficult if not impossible to reconcile his plans to increase military spending and cut taxes while also balancing the budget in roughly eight years. The Republican nominee appeared to be acknowledging Wednesday that the tax-rate cut of 20% that he promised for all Americans won’t provide as much relief as some may have hoped.

“I want to bring the rates down,” Mr. Romney said at a rally here Wednesday morning. But “don’t be expecting a huge cut in taxes because I’m also going to lower deductions and exemptions,” he said.

“My priority is jobs,” Mr. Romney added.

Earlier this year Mr. Romney rolled out a sweeping tax plan that would have cut rates by 20% for all Americans. He said he would pay for it by limiting or killing deductions for high-earners and that it would drive economic growth, which would offset the rest of the cost.

Continue Reading Here: Romney Dials Back Expectations on Tax Cut - Washington Wire - WSJ
 

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