Everyone needs to adjust their expectations:
“By the way, don’t be expecting a huge cut in taxes, because I’m also going to lower deductions and exemptions,” Romney said, according to various news media reports.
“All the rates come down,” Romney said. “But unless people think there's going to be a huge reduction in the taxes they owe, that's really not the case, because we're also going to limit deductions and exemptions, particularly for people at the high end.
Details to come, obviously.