Taxes

OBAMA: "Governor Romney's central economic plan calls for a $5 trillion tax cut..."

Mr. Obama was referring to an analysis by the non-partisan Tax Policy Center of Romney's economic plan and was suggesting that his tax proposal would cost $5 trillion over a 10-year period.

The study, oft cited by Democrats and denounced by Romney, looks at Romney's promise to cut income tax rates across the board by 20 percent, which he has said would be paid for by reducing tax deductions and credits. But any offsets to the $5 trillion figure are unknown since Romney has yet to indicate which deductions and credits he would cut.