Obama Spox Runs Through $5 Trillion Tax Math With Reporters

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.”