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Romney TV ad: Obama ‘not telling the truth’ about tax reform plans

Mitt Romney on Sunday unveiled a new TV ad pushing back on President Obama's claims the Republican challenger misrepresented the GOP ticket's tax reform plans in Wednesday's debate.

"President Obama continues to distort Mitt Romney’s economic plan." says a voiceover as the ad begins. "The latest? Not telling the truth about Mitt Romney’s tax plan.

In the first presidential debate earlier this week, the president charged that Romney's plans called for a $5 trillion tax cut.

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Romney has said he will cut taxes across-the-board and that his proposal would not harm the deficit, but would rather boost growth and revenues by eliminating loopholes.

“I’m not looking for a $5 trillion tax cut. What I’ve said is I won’t put in place a tax cut that adds to the deficit,” said Romney during Wednesday's debate. 

The Obama campaign, however, says that Romney has failed to specify which loopholes and deductions he would target and that the plan would increase the tax burden on the middle class.

Since the debate, both campaigns have gone back and forth over the debate points, with each charging the other with being dishonest.

The Romney campaign's new TV ad cites news reports questioning the Obama campaign's figures on the size of Romney’s tax cut.

Obama deputy campaign manager Stephanie Cutter is also shown in an edited clip from an interview saying "it won't be near $5 trillion."

The ad then hits Obama's tax plans, claiming they would result in "$4,000 more in taxes on the middle class.”

"We can't afford four more years," the ad concludes.

The Obama campaign has also stood by its debate claims, releasing two television ads which say Romney misrepresented his tax plans during the debate.

On Thursday, senior Obama strategist David Axelrod said Romney's claims were "unprecedented in its dishonest." 

The Romney team has hit back, with communications director Gail Gitcho blasting Obama's $5 trillion figure as a "falsehood" in a campaign memo Saturday.