Now, Governor Romney's proposal that he has been promoting for 18 months calls for a $5 trillion tax cut

from President Barack Obama (Ft. Jim Lehrer & Mitt Romney) – First Presidential Debate of 2012 on Rap Genius

Meaning

Politifact, a fact checking website, rated this claim that was much argued over as half-true; while the figure is accurate, it “lacked important context.”

The figure is based on a study by The Tax Policy center, that indicated a number of Romney-proposed tax-cuts would cost $480 billion in tax revenue by 2015. The Obama campaign took that number, stretched it out over a decade, and rounded up to get $5 trillion.

The important context left out is that this is half of an incomplete policy that involves reductions in tax-breaks as well as tax-cuts. However, as elaborated by Obama, Romney has yet to elaborate the changes in loopholes and tax-breaks that would recoup this figure.

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