Romney: Don’t Expect Lower Taxes

Talk about a shift in tone. GOP presidential hopeful Mitt Romney is dialing back expectations that his tax-cut plan would decrease voters’ bills by a substantial amount. Campaigning in Ohio Wednesday, Romney stressed his desire to cut the deficit, telling voters they shouldn’t “be expecting a huge cut in taxes because I’m also going to lower deductions and exemptions.” The new message may be an attempt to woo independent voters in the state, many of whom are concerned about government debt. Romney’s campaign has argued that by expanding the federal income tax base and cutting deductions for other tax payers, the country can eradicate the deficit and afford tax breaks for higher-earning Americans. Non-partisan budget groups haven’t been able to verify the candidate’s claim because Romney hasn’t identified which loopholes he would close.