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Calculating Mitt Romney's tax plan

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    Jim Angle takes an in-depth look

  • Duration 2:43
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Both presidential candidates promise they will not increase taxes on the poor and middle class but will make a dent in the deficit.

This evening we look at Mitt Romney's plan which has already been called mathematically impossible by one group and the president and his campaign have been all over it.

Chief national correspondent Jim Angle gets out his calculator tonight.

Romney's budget plan will hurt the -- plus.

Raising taxes on the average family earlier to 2000 -- well giving tax breaks 250000.

Dollars to multimillion.

And -- one might think from this Obama and the governor Romney is specifically proposing to raise middle class taxes by 2000 dollars but that's not true.

In fact people -- just the opposite -- one Romney advisor to blast the notion.

-- that's about the biggest political life I've ever seen in my entire academic career it's absolutely not Romney's plan to do that.

There's nothing about Romney's plan that would suggest that he would do that it's just pure fiction.

One point two trillion dollars in tax deduction -- claimed every year everything from home mortgage interest to hundreds of millions -- more arcane deductions.

Romney pledged to lower taxes by 20% for every one.

And keep -- revenue neutral which is running mate described this way.

Higher income people can use lots of tax -- to shoulder some of their income from taxation.

Close those tax shelters more their income subject to taxation.

That allows a lower tax rates for everybody.

Much like what the Bowles Simpson commission recommended.

A study by the Tax Policy Center however chose the tax -- -- thought Romney would cut and others he would not.

No one was available for an interview but the study concluded the Romney ever quote would provide a large tax cuts to high income households -- increased the tax burdens on middle and -- lower income taxpayers.

That -- our -- said that it was enough medical necessity that governor Romney's plan would raise taxes on the middle class today.

Make assumptions somewhat how it haphazardly about what governor Romney -- would not be willing to cut in order to pay for the tax reform proposals.

After the uproar over the Obama -- however the center issued another document noting that with some changes there is no reason wire reform proposal quote.

Would have to raise taxes on middle class counsel's.

Obama -- of course do not mention that.

Analysts say Iran make it easily find enough cuts one way is to cap the amount of tax deductions the wealthy can client.

And if all of these tax benefits out up to over 2% the biggest claim that you can take on your tax return has 2% of your income.

And -- probably wanted to he could just offer an 18%.

Cut instead it's 18 or whatever fits to keep it revenue neutral Brett.

Jim thank you'll follow that.

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