Obama attacks Romney over tax policies
August 1st, 2012
12:50 PM ET
2 years ago

Obama attacks Romney over tax policies

(CNN) – In his ninth trip to the battleground state of Ohio this year, President Barack Obama targeted Mitt Romney in a speech Wednesday, hitting the merits of his Republican challenger's tax proposals.

"Here's the thing, he's not asking you to contribute more to pay down the deficit, or to invest in our kids' education. He's asking you to pay more so that people like him can get a tax cut," Obama said at a campaign event in Mansfield.

– Follow the Ticker on Twitter: @PoliticalTicker

– Check out the CNN Electoral Map and Calculator and game out your own strategy for November.

Romney's tax plan includes a variety of proposals that primarily emphasize reducing rates and maintaining tax breaks for savings and investment.

Specifically, he calls for the extension of the Bush-era tax cuts for all Americans, reducing the individual income tax rate by 20%, eliminating the estate tax, eliminating the alternative minimum tax, and reducing the corporate income tax.

The principle behind the policy butts heads with that of Obama, who calls for higher tax rates on the wealthy and urges everyone to pay their "fair share."

"We do not need more tax cuts for folks who are already doing well," Obama said. "We need tax cuts for working families."

Obama pointed to a new report by the Tax Policy Center, which concludes that a plan similar to Romney's proposal would give large tax cuts to high-income households while increasing the tax burdens on low to middle income taxpayers.

READ MORE ABOUT ROMNEY'S TAX PLAN ON CNNMONEY.COM

The study did not score Romney's plan directly, saying his plan lacks sufficient details to do so. Rather, the center said it selected Romney's plan because it represented a number of popular plans frequently put forward by the GOP.

"They found that if Governor Romney wants to keep his word and pay for his plan, then he'd have to cut tax breaks that middle-class families depend on," Obama said, listing mortgage deductions and health care deductions as examples. "That means the average middle-class family with children would be hit with a tax increase of more than $2,000."

Obama further argued that only the rich would benefit under a Romney presidency.

"Folks making more than $3 million, the top one-tenth of one percent, would get a tax cut of a quarter of a million a year. Think about that," Obama said.

Hitting back, Romney's campaign took issue with the study and blamed the president's economic policies for the still-lagging economy.

“The study analyzes only half of Governor Romney’s tax program, ignoring the reforms that would make America’s corporations more competitive by moving from the highest corporate tax rate in the industrialized world to one that is comparable to our trading partners," Romney policy director Lanhee Chen said in a statement.

He continued: "And the study ignores the positive benefits to economic growth from both the corporate tax plan and the deficit reduction called for in the Romney plan. These glaring gaps invalidate the report’s conclusions. Unfortunately, President Obama and his allies are simply trying to distract attention from his failed record on the economy. And now, President Obama is doubling down on those failed policies by pushing for $2 trillion in tax increases on working Americans and job creators. The American people know better than to fall for these distractions.”

Obama’s speech Wednesday mirrors attack lines his campaign launched in a new television ad released, in which Team Obama blasted Romney for backing a tax plan that would raise the deficit by “trillions.”

For his part, Obama called for the extension of the Bush-era tax cuts for households making $250,000 and for individuals making $200,00 or less per year–proposals, he said, that would affect 98% of Americans.

"If you're fortunate enough to be in the other 2% of Americans, all we're asking you to do is contribute a little more," Obama said. "This includes me by the way."


Filed under: 2012 • Ohio • President Obama • Taxes
soundoff (52 Responses)
  1. Sue

    Let's move a few of these republicans out of the House. They're all just sitting on their thumbs thinking America's too ignorant to notice that they're busy blocking anything the President wants to do and then blaming the man when nothing is getting done and nothing's getting better. Mr. ,obama is trying to undo a lot of damage and these fools are blocking every effort. They figure if we suffer enough we'll buy their BS and switch to another fool like Bush (whe put us all in the toilet in the first place).

    August 1, 2012 02:28 pm at 2:28 pm |
  2. Buckeye

    Michael B.

    Obama... will do or say anything to get reelected, and I don't trust him.
    ----------------------------------
    Mike you are confused. Willard is the panderer in chief that says anything for a vote. The etch a sketch or well-lubricated weathervane are two GOP descriptions of Willard. Here's the thing, what President Obama said today was based on facts from an independent research institute. It's obvious that you have some preconceived issue with our President, but coming here with thinly veiled innuendo will not fly. Willard is the flip-flopper who likes cheesy grits y'all. President Obama is telling you that he (Obama) would benefit nicely from Willard's tax plan, but does not think it's right. You go ahead and vote for the flipper, but don't expect to spread falsehoods unchallenged here.

    August 1, 2012 02:33 pm at 2:33 pm |
1 2 3