Third Obama-Romney 2012 Presidential debate : on Tax Reform

Barack Obama: Tax cuts won't help us compete with China; invest instead

Rocky Anderson: Big tax cuts just cause more record deficits

OBAMA: Governor Romney's called for $5 trillion of tax cuts that he says he's going to pay for by closing deductions. Now, the math doesn't work.

ANDERSON: Mitt Romney is one of the greatest flim-flam men of all time. He says we're going to start with a $16 trillion debt, we're going to give everybody a 20% tax cut, and then we're going to do away with some deductions. But have you noticed he's never identified what those deductions are going to be? Even if he did away with mortgage deductions and charitable deductions, which he's not likely to do, if you take all of those deductions, you can't give more than 4% in tax cuts without adding to our deficit, so there is no way that he could meet anywhere near these promises of balancing the budget. Instead, we would see more like we saw under the Reagan and the second Bush administrations, with record deficits with these Republican presidents.