• Ryan argues both parties must rid tax code of special interest tax breaks.
• Wants to lower tax rates 20% across board and strip away deductions to afford preferences for middle class, create growth.
• Wants to eliminate double taxes like the death tax and AMT.
• CBO argues Romney-Ryan plan, without more specifics, can't justify its claim to increase revenue 19%.
In order to balance these cuts and make a plan that's "revenue neutral," Ryan stresses that his ticket plans to strip the tax code of myriad loopholes and deductions.
On this issue, the VP nominees is cleaning up some unfinished business from the presidential debate last week when Obama frequently dropped the "$5 trillion" figure in reference to Romney's tax cuts for high-income citizens.
The President is getting that number from a study by the Tax Policy Center, which wrote that until Romney specifies which loopholes and deductions are on the chopping block, the plan doesn't add up to be revenue-neutral. The suggestion is that Romney will have to raise taxes on the middle class in order to fund his initial slash across the board.
Watch: Ryan discuss the Republican ticket's tax plan (Fox News)