Paul Ryan on Romney Tax Plan

The GOP VP nominee won't outline what tax loopholes should be closed.
3:00 | 09/09/12

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Transcript for Paul Ryan on Romney Tax Plan
UN governor Romney argued that your tax cuts will be paid for by closing loopholes. For the wealthy but President Clinton. Took dead aim at that argument on Wednesday take a look. -- -- -- five trillion dollar tax cut plan. They'll have to eliminate so many deductions like the ones for home mortgages and charitable giving. That middle class families will see their tax bills go up. -- art suit. They'll have to cut all the programs that help to empower -- plans -- -- and help poor kids. How do you make the math work without eliminating the big deductions of middle class families -- Well personal that those claims have been pretty discredited the -- 5000 -- -- this show that this that this plan works so. That that. The analysis you're -- wasn't even an analysis of the Romney plan but here's the point I'm trying to make you George. We think the secret economic growth is lower tax rates for families and successful small businesses by plugging loophole is -- the question is not necessarily what loopholes go. But who gets them. High income earners -- most loopholes that means they can shelter their income from taxation. But if you take those -- both those tax others away from -- in commerce. More of their income subject to taxation. And that allows us to lower tax rates on everybody. Small businesses families economic growth here's -- the president wants to take the country he wants to add a job killing small business tax increase on top of the current code. And even more loopholes and deductions of the code more Washington picking winners and losers. That will crush jobs yet remember George that most are small businesses they pay their taxes as individuals. Most of our jobs come from be successful small businesses so we've shown looked up Princeton study the Harvard analysis they have shown. That you can lower tax rates -- on the tax base and yes there is still room left. For broad based policies that the middle class and joy so that nobody has a tax increase we just -- picking winners and losers in the back congressman as well Reagan did -- at work. -- many states and its -- to accept your word if you're not gonna specify which tax loopholes. -- the clothes don't voters have a right to know which loophole if you're gonna go after. So Mitt Romney -- based on our experience -- the best way to do this is to show the framework. Sure the outlines of these planes and then to work with congress to do this that's -- you get things done the other thing isn't that a secret plan with a lot of now now what we don't want is a secret plan what we don't want to do. Is cut some backroom deal like obamacare and that -- to the -- -- that's that's what a little out and out why not say right now because we wanted to do as well want to have this. George because we ought to have this debate in the public. We want to have this debate with congress and we want to do this with the consent of the elected representatives of the people. And figure out what loopholes should stay or go and who should or should not get them.

This transcript has been automatically generated and may not be 100% accurate.

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