“Senator, I doubt very seriously you would agree [to] doing away or cutting the home mortgage deduction for middle-class Americans,” O’Malley said. “Gov. Romney has not said what his secret plan is to pay for these $5 trillion in tax cuts.”
Ayotte said Romney made it clear in Wednesday’s debate that middle-class families will not feel any of the burden of Romney’s tax plan.
“Gov. Romney made it clear that he was not going to lower the burden on upper-income individuals,” Ayotte said. “We all know, Chris, that upper-income Americans rely more heavily on loopholes.”
But even Wallace — who took a jab at the performance of Wednesday night’s debate moderator by saying he “was going to be tougher than [PBS’] Jim Lehrer” — agreed the American people have yet to hear which loopholes Romney would eliminate.
“Part of the problem is that I have asked Romney and [GOP vice presidential nominee Paul] Ryan repeatedly, I asked Ryan on this show last Sunday, ... ‘Where do you make up the $5 trillion in lower tax rates in terms of the deductions and the loopholes, how do you make it up?’ They refused to tell us. And independent experts say even if you took away all the deductions, it’s not going to add up to $5 trillion.”
Terri Henderson, 6, center, whose mother is El Salvador, attends a rally with members of Congress at Union Station's Columbus Circle to announce the Restore Opportunity, Strengthen, and Improve the Economy (ROSIE) Act on July 29, 2014. The legislation provides incentives for government contractors to pay a living wage and other benefits that would help low-income workers.