On the Trail

Mitt on Tax Cuts: Don’t Get Too Excited

His plan might not be as good as it sounds.

Romney supporters who were looking forward to all those tax cuts the Republican presidential candidate has promised during his campaign should probably curb their enthusiasm. Romney noted on Wednesday that his proposed 20 percent across-the-board tax slash probably won't be as helpful to most Americans as it sounds. “I want to bring the rates down,” Romney said Wednesday at a rally in Westerville, Ohio. But “don’t be expecting a huge cut in taxes because I’m also going to lower deductions and exemptions,” he explained. “My priority is jobs.” Earlier this year Romney said he’d make the 20 percent tax cuts possible by cutting tax deductions for “high earners,” but it has been pointed out that what constitutes a high earner is debatable, especially depending on where someone lives.