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Biden: Romney can't say which loopholes he'd close to lower taxes

 

MILFORD, OH – Citing Mitt Romney's appearance on NBC's Meet the Press earlier in the day, Vice President Joe Biden took aim Sunday at Romney's failure to name specific tax loopholes he would close to lower taxes and balance the budget.

"He said that he's gonna pay for all these tax cuts by closing the loopholes, but when asked by Mr. Gregory what loopholes he'd close, he couldn't name one," Biden told a crowd of 700 supporters at a western Ohio high school. 

"All this has a giant price tag and it's not going to come from closing loopholes for millionaires," he added. 


On NBC, host David Gregory asked Romney to specify how he would eliminate tax deductions and exceptions in order to compensate for the enormous financial consequences of his deep tax cut proposals. 

Romney responded only by noting that "people at the high end" would have fewer opportunities for tax exemptions, but he declined to pinpoint any specific numbers or policies. 

“High income taxpayers are going to have fewer deductions and exemptions... Those numbers are going to come down. Otherwise, they'd get a tax break. And I want to make sure people understand, despite what the Democrats said at their convention. I am not reducing taxes on high income taxpayers. I'm bringing down the rate of taxation, but also bringing down deductions and exemptions at the high end so the revenues stay the same, the taxes people pay stay the same. Middle income people are going to get a break. But at the high end, the tax coming in stays the same. But we encourage small business, because small business is able to keep more of what it makes and therefore hire more people, which is my priority.”

The stop in Clermont County, a heavily-Republican area that supported John McCain by a 2-1 margin in 2008, was Biden's final campaign event of a two-day swing through Ohio. He will return to the Buckeye State next Wednesday to campaign in Dayton.