Mitt Romney on Wednesday told a crowd in Westerville, Ohio, not to expect a "huge cut in taxes" if he's elected president, because he meant to lower deductions and exemptions that would offset the effects of lowering tax rates. After months of promising across-the-board tax cuts of 20 percent, Romney appeared to acknowledge that his cuts wouldn't provide Americans with much of a pocket-book boost. Romney has also come under criticism for promising to cut taxes and close the budget deficit — a feat that many independent analysts say is mathematically implausible — and his concession about deductions and exemptions seemed to be aimed at President Obama's assertion that Romney has a problem with "arithmetic."
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