Romney and vice-presidential running mate Rep. Paul Ryan, R-WI, have outlined several broad Romney tax plan goals: do not increase the deficit; do not raise taxes on middle income taxpayers; and do not reduce the share of taxes paid by higher-income Americans.
Romney also has repeatedly made it known he favors an extension of the Bush-era tax cuts for all income levels.
Ryan has said a Romney administration would be able to work with Democrats in Congress to pass a tax re-write, which includes a 20% reduction in individual tax rates across the board, a 10% reduction for businesses and a 20% cut in the top tax rate from 35% to 28%. (President Barack Obama plans to raise that rate to 39.6%).
But neither Ryan nor Romney has yet to give full details on which tax breaks will be scaled back to avoid adding to the mushrooming federal deficit, which topped $1 trillion in 2012 for the fourth straight year.
The lack of Romney tax plan details prompted President Obama to call it "sketchy" at the second presidential debate.
"Governor Romney was a very successful investor," said the president. "If somebody came to you, governor, with a plan that said, here, I want to spend $7 or $8 trillion, and then we're going to pay for it, but we can't tell you until maybe after the election how we're going to do it, you wouldn't have taken such a sketchy deal and neither should you, the American people, because the math doesn't add up. We haven't heard from the governor any specifics beyond Big Bird and eliminating funding forPlannedParenthood in terms of how he pays for that."