i'm joined tonight by david k. johnstonpulitzer prize winning columnist and author of "the fine print: how big companies use plain english to rob you blind." david k., glad to have you with us tonight. >> thank you, ed. >> after last night, do you have a better grip, a better idea of what romney's tax plan is all about? >> no, because he's never been clear about it. as you showed, he's, on the one hand, saying i'll cut everybody's rates 20% which works out over the next 10 years to about $5 trillion. and he says i'll maintain current rates. now, if he's going to not have a $5 trillion tax cut it imply, he sort of hinted at this last night, that he's going take away the deductions you are. he's not going to succeed in reducing the problem by getting rid of big bird, the money to pbs isn't even chicken feed much less big bird feed. the only other project of any size he's identified is amtrak, $1.4 billion a year. we're talking trillions here. what's he going to do, take aware your home mortgage interest deduction, your charit

david k. johnstonetimes got tax experts to look at the tax returns and some documents they obtained from bain from this new report today. what did we learn? >> well, the cayman islands 4 hundred years ago was a hang out for pirates now it's a hang out for tax pirates. instead of a buried map of where the tresh is, now you get this opinion letters from lawyer, if you follow one every one of these steps, you can get your treasure untaxed to the cayman islands. one of the things the times points out because of the way these were set up and the fees they were charged against them, the less taxes paid by those who were investing, the greater the sum available and therefore the higher the fees that romney collected. >> karen finney, romney, you get the sense the romney campaign expected that the tax return story was a story that they were going to deal with for a while and then get past. they weren't banking on "the new york times" putting a team on the tax return, obtaining more documents from bain and putti

as tax expert david k. johnstonhy many of the wealthiest in america, while posing as entrepreneurs and capitals of capitalism, are in fact on welfare. mcmahon can't wrestle her way out of this one. did she think we wouldn't notice we see her slam the loopholes her company took advantage of? nice try but we got you. a food , or a drink that's a food, woooooh! [ male announcer ] taste it and describe the indescribable. could've had a v8. >>> mother jones has uncovered a new audiotape showing governor romney trying again to mislead voters. not just so where he stands but where the president stands, too. it's from a private fund-raiser in march. >> i'm convinced that if this president is re-elected, the war on business and economic freedom will continue. i don't think the president likes you very much. you hear his business, i think he looks at you as a necessary evil, and maybe not so necessary. >> president obama believes business is evil? really? even on this tape governor romney seems to forget where he stands on ou