Skip to main content

President Obama, campaigning in Mansfield, Ohio a short time ago, pounced on a new study showing Mitt Romney's plan to cut taxes on the wealthy would raises middle-class taxes by an average of $2,000 per family and unveiled a killer new line, asking middle-class voters whether they think it's a good idea to raise their taxes in order to pay for tax cuts for people like Romney.

Here's the video:

"Now, despite the evidence [that the Bush tax cuts didn't work], the entire centerpiece of my opponent's economic plan is a new $5 trillion tax cut on top of the Bush tax cuts," Obama said. "The bulk of the tax cut would go to the very top. A lot of it would go to the wealthiest one precent of all households.

"Folks making more than $3 million a year, the top one-tenth of one percent, would get a tax cut worth almost a quarter-million dollars. Now think about that. Folks making $3 million a year or more would get a quarter-million dollar tax cut!"

But, Obama said, Romney's plan doesn't just give a huge tax cut to those who don't need it—it would force everyone else to pay the cost of that cut. "It gets worse," he said. "Under my opponent's plan, who do you think gets the bill for these $250,000 tax cuts? You do! And you do not have to take my word for it. Just today, an independent, non-partisan organization ran all the numbers on Governor Romney's plan. This wasn't my staff, this wasn't something we did. Independent group, ran the numbers. They found that if Governor Romney wants to keep his word and pay for this plan, then he'd have to cut tax breaks that middle-class families depend on."

Obama, citing the study, conducted by the Tax Policy Center of the Brookings Institution and Urban Institute, said Romney's plan would require eliminating tax breaks on mortgage deductions, health care deductions, and education expenses. In all, he said, the average family would pay $2,000 more in taxes to pay for Romney's plan.

"And here's the thing," Obama said. "He's not asking you to contribute more to pay down the deficit. He's not asking you to pay more to invest in our children's education or rebuild our roads or put more folks back to work. He's asking you to pay more so that people like him can get a big tax cut. In order to afford just one $250,000 tax cut for somebody like Mr. Romney, 125 families like yours would have to pay another $2,000 in taxes each and every year. Does that sound like a good plan for economic growth? Does that sound like a plan you can afford?"

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site