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now, mitt has promised a 20% tax cut to everyone. so whose math adds up -- mitt's or the tax policy center's? it's sort of like an olympic boxing match. today, the romney camp threw a punch fast and early, pointing out that one of the authors was a former aide to president obama. as the romney campaign wrote to us, that is, quote, hardly objective. true, one round to mitt. but for the romney campaign, we checked the other two names on the report, and one author was a former aide to george h.w. bush, the final one worked for both bush and obama. round two to barack. let's lay out the ...

romney's tax plan would raise taxes on 95% of americans. now, mitt has promised a 20% tax cut to everyone. so whose math adds up -- mitt's or the tax policy center's? it's sort of like an olympic boxing match. today, the romney camp threw a punch fast and early, pointing out that one of the authors was a former aide to president obama. as the romney campaign wrote to us, that is, quote, hardly objective. true, one round to mitt. but for the romney campaign, we checked the other two names on the report, and one author was a former aide to george h.w. bush, the final one worked for bot...

>>gerri: $118.7 billion. $431 billion went to the entities and the estimate from the tarp report, they will lose $60 billion on this deal, that is the estimate. and then we get it back. >>shepard: who owes the most? >>gerri: a.i.g., they owe the most. we own 70 percent of that company. g.m. detroit automaker owes $27 billion. and allied financial owes $15 billion, the former gmac and today there was a report their mortgage arm will go intro bankruptcy. >>shepard: the fear has been a double dip recession and now the statistics show great britain has entered a doubling digit. >>gerri: exactly. t...

Dramatically. i would propose that we get rid of individual income taxes and corporate income taxes and payroll taxes and replace it all with a value-added tax. right now according to the most -- >> so that people just understand. so what you're saying in effect, you get rid of all those taxes and put in place a national sales tax. so what you're doing is you're taxing consumption. >> right. >> which is something americans do somewhat excessively and you're not taxing income. >> and you're not taxing investment so you let things fall where they are. but think about the collateral consequence. ...

Taxes. i think we should open up more dramatically. i would propose that we get rid of individual income taxes and corporate income taxes and payroll taxes and replace it all with a value-added tax. right now according to the most -- >> so that people just understand. so what you're saying in effect, you get rid of all those taxes and put in place a national sales tax. so what you're doing is you're taxing consumption. >> right. >> which is something americans do somewhat excessively and you're not taxing income. >> and you're not taxing investment so you let things fall where they are. but th...