Republican presidential candidate Mitt Romney says he favors keeping all of the Bush-era tax cuts and then adding some more. To pay for these cuts, he would reduce or eliminate some of the tax deductions that many Americans have come to rely on. But his proposals are already facing a lot of resistance.
Romney says he wants to sharply cut income tax rates, which would mean big tax cuts for higher-income people. But he says the cuts would be revenue-neutral. They would bring in the same amount of money to the Treasury because he would also get rid of some of the deductions that fill the tax code.
“I’m looking instead to lower tax rates and limit deductions and exemptions in such a way that we have enterprises, small businesses able to keep more of their capital and at the same time simplify the code,” he said last week on Fox Business News.
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