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TRUTH TEST: Presidential candidates' tax plans

7:41 AM, Jun 27, 2012   |    comments
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US President Barack Obama carries a bag of meals he bought at the Varsity restaurant in Atlanta, Georgia, on June 26, 2012. (JEWEL SAMAD/AFP/GettyImages)

ATLANTA -- During a campaign stop in Atlanta Tuesday, President Barack Obama blasted former Governor Mitt Romney's tax plan, claiming it would leave a $5 trillion hole in the federal budget.

PHOTOS | President Obama in Atlanta
(Follow our coverage on social media #ObamaATL)

11Alive News decided to put the candidates' conflicting claims about taxes and the economy to the test.

The president told a crowd of supporters at the Westin Hotel in Atlanta that Romney's proposed tax cuts would leave an enormous hole in the federal budget that would either add to the deficit or require drastic cuts in government spending.

According to his campaign website, the centerpiece of Mitt Romney's tax reform plan is a 20 percent across-the-board tax cut for people at all income levels.

The campaign website also outlines Romney's proposal to cut the corporation tax rate from 35 to 25 percent.

An independent analysis of Romney's plan by the Tax Policy Center estimates it would decrease revenue by nearly $1 trillion a year -- a fraction of what the president claimed during his campaign stop.

Romney Spokesman Chris Walker says the tax cuts would spur the economy but was unable or unwilling to name any specific programs or departments that might have to be cut to offset the lost revenue.

The Romney campaign released a prepared statement saying, "It is clear that the President does not know how to turn around the economy and is only trying to cover up for his failed record."

The statement continues, "On day one, Mitt Romney will reverse this administration's disastrous policies and will unleash the private sector so businesses can grow and hire."

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