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Fact and fiction behind debate tax claims

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    Jim Angle examines hotly contested issue

  • Duration 3:22
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You know subject to -- more hotly contested last night then tax policy.

Chief national correspondent Jim Angle takes a look at the facts and the fiction behind the collapse.

The two candidates -- -- over taxes throughout the debate Romney wants to reduce tax rates by 20% across the board but says he would keep the deficit neutral by trimming some of the one point two trillion dollars a year in tax deductions.

President Obama argues there aren't enough deductions that affect only the rich so Romney would have to hit the middle class.

The only way to meet -- governor Romney's pledge of not reducing the deficit disorder and or not.

Adding to the deficit.

Is by burdening middle class families the average middle class family -- children would pay about 2000 dollars more.

Others have estimated the total value of the tax cuts would be some five trillion dollars over ten years.

Governor Romney however says he will -- the deficit neutral and pledges there's one thing he won't do and no matter what.

I will not under any circumstances raise taxes on middle income families I will lower taxes -- middle income families now you -- a study.

There's six other studies that looked at the study you describe -- say it's completely wrong.

The president -- his assertion about a 2000 dollar tax increase on a study by the Tax Policy Center.

Which had exempted some tax deductions for many cuts in its analysis.

Then -- concluded the plan could only be deficit neutral with a tax hike on the middle class and Obama ads are hammering away.

Why won't Romney level with the -- tax plan which gives a wealth -- huge new tax breaks.

The Tax Policy Center however later changed its assessment -- said of Romney put all the deductions on the chopping block then quote there is no reason why that full reform proposal.

Would have to raise taxes on middle class households.

And a Tax Policy Center scholar objected to the way the Obama campaign use their research saying quote.

I don't interpret this as evidence that governor Romney wants to increase taxes on the middle class in order to cut taxes for the rich as an Obama campaign -- client.

Rather than go through the tax code deduction by deduction Romney offered a simple answer the question of what he would cut.

Saying we could just put a cap on the total value of tax deductions.

Anyone taxpayer could claim.

One way Francis will be to have a single number.

To make up the number twice 5050000.

Dollars anybody can have deductions up -- that amount and the that number disappears for high income people.

Romney pledged that high income people would pay the same share of total taxes they pay now.

Of course the president has his own tax plan to raise taxes on those making more than 250000.

A year.

Romney said the president's own words show why that's a bad idea set -- Back in 2010 you said look I'm gonna extend the tax policies that we have now I'm not gonna raise taxes and anyone.

Because when the economy's going slow like this when we're in recession you shouldn't raise taxes on anyone.

Now when the president has said that the economy was growing at 2.3 percent the latest quarter was revised downward to one point 3%.

Nevertheless the president stuck to his guns in the debate last night still calling for an increase in taxes on the better off -- Iran to get into the weeds he didn't have the chalkboard hit hit hit hit it you know he was pretty smooth on this he was ready -- thank you bet.

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