Mitt Romney has detailed a specific tax plan that provides tax cuts weighted towards millionaires and billionaires. Altogether, these tax cuts will cost about $5 trillion including interest. Here’s the math:
Lower tax rates by 20% = $2.5 trillion
Eliminating the Alternative Minimum Tax = $700 billion
Repeal of high-income payroll tax = $300 billion
Repeal the estate tax = $150 billion
Tax cut for corporations = $1.1 trillion
TOTAL: $5 trillion in tax cuts including interest
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