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Glenn Hubbard, Romney Economic Adviser: 'Bulk Of The Adjustment' Should Be Borne By The Wealthy

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Glenn Hubbard, an economic adviser to GOP presidential candidate Mitt Romney and former George W. Bush official, appeared to channel President Barack Obama on Sunday during a discussion about the former Massachusetts governor's tax plan.

Speaking with CNN's Fareed Zakaria about shifting taxes to reduce the deficit, Hubbard said "The bulk of the adjustment [should] be borne by upper income households." Romney was willing to "put everything on the table," Hubbard continued.

Hubbard's comments appear to fly in the face of the Romney camp's contention that Obama's push to tax the wealthy at a higher rate is "class warfare."

According to Hubbard, Romney would focus on cutting marginal tax rates to the levels proposed in the Bowles-Simpson plan in an effort to spur economic growth. The rest of the deficit reduction would come by broadening the tax base, he said.

The wealthy would also foot part of the bill for expanding Medicare and Social Security costs, Hubbard said.

"For Medicare, [Romney] said that he would support a move to more of a premium support system which would limit Medicare support, particularly for more affluent seniors," Hubbard explained. "For Social Security, he's talked about delaying the retirement age and slowing the rate of growth of benefits for upper income people."

While Hubbard's comments seem somewhat off message, a recent study of the former governor's own plan shows that Romney would pay around $5 million less in personal taxes than he would under Obama's plan.

 
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