Romney and Obama spar over taxes

Associated Press + More

DENVER (AP) — Republican Mitt Romney and President Barack Obama are tangling over taxes in their first presidential debate.

Romney says that Obama has mischaracterized his tax plan by calling it a $5 trillion tax cut. Obama responded that Romney appears to be backing away from his own plan.

Romney says "everything" Obama said about Romney's tax plan is inaccurate. Most importantly, Romney says his plan will not increase taxes for the middle class, as Obama contends.

Romney says his plan is to provide tax relief by lowering them for all Americans, while eliminating deductions and exemptions in the tax code.

Obama retorts that Romney appears to be saying "never mind" about his own tax plan. Obama says he will lower taxes for middle-class families.

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