Obama Spox Runs Through $5 Trillion Tax Math With Reporters

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Jen Psaki, traveling press secretary for the Obama campaign, started the press gaggle aboard Air Force One Sunday by running through the math of Mitt Romney’s tax plan, according to a readout of the gaggle. “I just wanted to go through some simple ‘back of the notecard’ math on how we get to the $5 trillion [number],” Psaki said.  

So lowering the rates, as Mitt Romney has said he would do, to 20 percent — $2.7 trillion over 10 years; eliminating the AMT — $700 billion; repealing high-income payroll tax — $300 billion; ending estate tax — $150 billion; lowering the corporate rate from 35 to 25 — $1.1 trillion.  That adds up to $4.8 trillion.  If you factor in interest for additional borrowing, you get to $5 trillion.

On Sunday, the Romney campaign released a new ad to push back on the claim that his tax plan calls for $5 trillion in cuts, accusing President Obama of “not telling the truth about Mitt Romney’s tax plan.” 

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