House majority leader says there's 'no question' election is about taxes

By Peter Schroeder - 10/08/12 12:44 PM ET

There is "no question" that taxes are a central issue of the 2012 election, according to House Majority Leader Eric Cantor (R-Va.).

Cantor said he is "very bullish" on House Republicans being able to expand their majority in the election, in part due to their message of lower taxes on the campaign trail.

"It comes down to the point: Do you believe that Washington needs more of the money that you earn and that Washington can spend it better than you can?" he told Bloomberg Television. "Or do you believe that you ought to be able to keep more of what you earn and let Washington get its fiscal affairs straight?"

The No. 2 Republican in the House also used the interview to tout presidential nominee Mitt Romney's tax plan. The Republican challenger is pushing a plan he says would lower rates across the board, but also eliminate various deductions and simplify the tax code in a way that makes it revenue neutral.

Romney initially described his plan as a tax cut for everyone, including the rich, but later said that his plan would not amount to a tax cut for the rich, because many preferred tax breaks would be eliminated during the process.

Cantor maintained that Romney has not been inconsistent in his plan, arguing the main goal is to provide tax relief to working families.

"What we need to make sure that is understood is that Mitt Romney is not for raising taxes on anybody," said Cantor. "He has also said that the wealthy are doing just fine and they don't need a tax break. It's the hardworking men and women and the taxpayers frankly who are struggling out there.

"There is not an inconsistency," he added.

The Obama campaign has accused Romney of pushing a $5 trillion tax cut. But the Romney campaign insists the president's team is being dishonest in that claim, ignoring the increased revenue that could come from the eliminated loopholes and breaks.

In turn, the Obama campaign has argued that Romney's plan is mathematically impossible; that the amount of tax breaks that could be eliminated will not add up to the costs of the overall cuts.