Mitt Romney’s proposed tax plan would provide tremendous tax cuts for the wealthy, but to make up for the revenue loss 95 percent of tax payers would see a tax increase according to a study by the non-partisan Tax Policy Center. Those in the top 0.1% would receive a tax break of nearly a quarter of a million dollars. In doing these calculations, the Tax Policy Center even granted Romney the questionable assumption that giving these tax breaks to the ultra-wealthy would stimulate the economy and generate more tax revenue.
Barack Obama brought this up in campaigning in Ohio:
“If Gov. 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 to pay for your home, the home mortgage deduction; to pay for your health care, the health care deduction; (or) to send your kids to college,” the president said.
“And here’s the thing: 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,” Obama said in Mansfield, Ohio. ”He’s asking you to pay more so that people like him can get a big tax cut.”