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What is Mitt Romney's tax plan?

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    Report: Candidate suggests he may do away with some deductions if elected

  • Duration 5:02
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So what exactly is Mitt Romney is tax plan that's an interesting question -- reporters did over here the presidential candidate.

At a private fund raiser and he suggested a couple of things.

-- and that was at the wealthy could actually expect to pay more if he win this.

And that he would go after some big government agencies as well here's a quote of what was overheard according to these reports.

I'm not going to actually go through these one by one he said but what I can tell you is we've got far too many bureaucrats.

And I will send a lot of what happens in Washington.

Back to the states so let's bring -- -- them.

Mitt Romney senior advisor good morning -- you -- good to have you here.

Morning so you know let's not about the first -- -- in terms of the wealthy paying more.

How would that happen.

Well -- the governor said.

Two things none of which should be surprising to people who have been following his campaign the first is that there -- going to be cuts in government and with very few exceptions were going to be looking to combine agencies eliminate programs.

Pare back where appropriate in the second thing he said.

Is that in order to pay for his 20%.

Across the board.

Reduction in marginal tax rates we need to reform the tax code and one of the ways he's gonna reform the tax code.

Is looked at deductions and credits that flow to upper income taxpayers he mentioned a couple of possibilities.

If he becomes president we'll work in cooperation with the tax writing committees in congress to figure out exactly how we're gonna do it.

But but even as we lower tax rates for the very wealthy.

The burden of taxes that that they pay will remain the same.

So essentially -- -- you're talking about flattening out attacks and making the rules more sort of across the board for everybody -- that there be spirited actions.

Fewer loopholes all of those sorts of things.

Why not you know I get Twitter messages from so many people who say why won't -- -- back some form of flat tax why won't he.

-- ultimate.

-- -- legacy of flatter.

Tax system.

One of the ways that we're gonna achieve that is byte is by eliminating some of these deductions credits.

A particularly for upper income tax payers and we're gonna use this savings from that exercise.

To lower tax rates for all Americans across the board by 20% and by the way the governor doesn't stop there.

He also wants to lower our corporate tax rate to 25% unfortunately we now have the highest.

Corporate tax rate in in the country under under President Obama that hurts job growth is slowing down this economic recovery.

The governor would like to see corporate tax rates cut them as well.

Let's take a look at the favorability numbers these are for April 11 -- the fifteenth and they don't look so great -- for your candidate Mitt Romney at 35%.

In terms of how many people have a favorable opinion of him President Obama is at 56%.

And we know also from looking at the breakdown of men and women.

The numbers continue in this you know most recent round to look tough for your candidate especially with women.

Well give us a chance to run our campaign we have seven months ahead of us -- -- -- -- polling that's all over the place.

But look I you know today's tax day -- April 17 I don't think.

Eighty -- better illustrates the choice facing taxpayers there's nobody who after adding up everything nailed the government walks away from that process thinking.

You know we have to raise taxes yet on January 1.

If we don't make a change at the white house on January 1.

You're gonna see taxes go up by -- half trillion dollars is going to be the largest tax increase in American history these are the obamacare taxes that will take effect.

As well as the bush tax cuts expiring.

In Iran is president he'll make sure that those tax cuts don't expire -- repeal obamacare and all the.

Yeah a lot of folks think that that present a bottle when push comes to -- is going to want to leave this tax cuts in place as well.

Is that something that you folks will be pressing him on.

You know in the coming weeks and months would he indeed as he did before continue the bush tax that's.

Well look under under this president and his policies taxes have already increased he's raise taxes cigarette taxes he's raised.

Nineteen separate taxes as part of the obamacare legislation that that he signed into law his record is one of raising taxes now what's that.

Add a surcharge on upper income taxpayers need the so called.

A -- -- and yet we've found out just by looking behind the facts and details there.

That some revenue raised from from the so called Buffett rule.

We'll only find.

Barack Obama's spending for approximately eleven hours after it doesn't cut the deficit doesn't create a single job it's a political it's a political stunt its political that this isn't working at the moment very large support -- 72% does seem to be supportive.

That after all adjustment went down yesterday on capitol house -- -- because there thank you very much is get attacked yet.

Thank you.

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