(CNN) – The latest ad from President Barack Obama's re-election team hits his rival Mitt Romney on his tax plan, which the spot characterizes as unfair to the middle class.
"Heavy Load," which the campaign said would air in Colorado, Iowa, New Hampshire, Nevada, Ohio, Virginia, and Florida, uses analysis from the Tax Policy Center. The Romney campaign has quibbled with that study, which it says does not take into account the full scope of the plan offered by the Republican nominee.
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In Monday's Obama ad, a narrator begins, "The middle class is carrying a heavy load in America, but Mitt Romney doesn't see it."
He continues, "Under the Romney plan, a middle class family will pay an average of up to $2,000 more a year in taxes, while at the same time giving multi-millionaires like himself a $250,000 tax cut."
The Tax Policy Center report, released at the beginning of August, determined that Romney's plans would provide large tax cuts to the wealthiest Americans, while increasing the tax burden on the lower and middle classes.
The Republican presidential nominee's tax proposal calls for 20% cuts to today's income tax rates, which originated during George W. Bush's presidency. Romney would also eliminate the alternative minimum tax.
Those tax cuts would lead to a sharp decline in government revenue. Romney insists he will make up the difference in-part by limiting deductions, exemptions and credits currently available to top-level income earners, though won't say which tax breaks he plans to eliminate.
The Tax Policy Center report indicates the plan would force the tax burden to shift toward lower and middle-class Americans.
"A revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed ... would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers," the report concludes.
The Romney campaign disputed the findings of the study when it was released, arguing that the analysis was flawed because it did not account for additional revenue that would result from a reduction in the corporate tax rate - another part of Romney's plan.
In the Obama spot released Monday, the narrator arrives at a grim conclusion, saying that "Romney hits the middle class harder and gives millionaires an even bigger break. Is that the way forward for America?"
"There’s only one candidate for president who will raise taxes on middle-class families – and that’s President Obama," Romney spokeswoman Amanda Henneberg wrote in response to the ad. "For four years, his policies have crushed the middle class with high unemployment and declining incomes. Now his tax increase plan will stifle growth and lead to fewer jobs. Mitt Romney’s plan will lower rates across the board, helping create jobs and higher take-home pay."
The problem with revenue neutral plans is that they don't even approach dealing with the debt that is there now. We need whoever is elected president to push the Congress to have a budget (since they do that and not the president) that has growth in income that goes to paying down the debt while trimming some of the costs of government (could be duplicate programs, programs that don't work,checking on the DOD budget to get it more streamlined and not so bloated, and reducing the costs based on those employees that really screw up; their replacements would have a reduced salary)
mitt romney has too put out a real chart showing who pays more and less in taxes
thats a real fact mitt has too show 300,000,000 americans what his charts of taxs/jobs for 12,000,000 americans he wants too hire in hundreds of feilds of professional nature.???????not just trust me get me in the white house and the president obama has failed talks its tired its old.mitt romney you may be haveing mock boards of trying too look like you have a plan but the core middleclass none millionaires dont buy it.next month you gonna debate President Obama he shall have facts numbers and those senior leaders of the republican party like mitch MCconnell the sen.from kentucky the blue grass state.i think he is gonna retire or get replace by another new sen.from kentucky
when president Obama wins his second term.
So did the President mention that maybe the highest tax rate in the world to businesses may have an affect on the middle class? Has the President gone down just about every street in America and looked at the defunct businesses? Class envy does not really seem to be working for him does it? What are businesses moving at a snails pace in this economy? Could it be due to government regulation? Not only should the tax rate for corporations be lowered but across the board and what should be checked under the microscope should be the gluttonous overspending of our government.
RNC Chair needs to go ASAP. The GOP has been a disaster with him, Boehner, and McConnell at the helm. They run around saying "Barak Obama has not fulfilled his promises" as if Americans don't know that the GOP INTENTIONALLY set off – from day one – to deny Obama just about everything he wanted to acomplish! Many of the failures to recover quicker fall squarely on the GOP/T party. After Nov, the GOP will no longer exist....officially.
Not sure who is running the President's campaign this go round but now I am believing in "con-spiracies".
Someone has found a discarded Starbucks latte cup, and used recovered DNA to clone me!
Just keep telling the truth and you will prevail, President O!
This is how the Republican Politicians, since REAGAN, have "re-distributed wealth" to the more affluent. It amazes me that ordinary, everyday, working, "lunch-pail Americans have not see this. They put the GOP in power over the past 30 years and the result has been devestatingly clear.
These dame people put 70, obstructionist Tea-Party Congressmen in office [the House] in 2010 which is what cost the US a downgrade in it`s credit rating AND hampered the economic recovery because ALL the GOP cares about is defeating Obama, the rest of us be damned.
In Business, you would 1st eliminate the deductions and keep the rates the same. Once you VALIDATED the revenue increase, you`d lower the rates. Then again, if you lower the rates, you WILL NOT close the deficit or pay off the National debt.
Problem for me is that Obama is again "crying wolf" and I no longer believe anything he says because his word is no good.
This is why most Democrats will always be Democrats; they don't can't, and won't understand basic economics. To be a Democrat, you have to believe the size of the economic pie is fixed, and tax revenue is directly proportional to tax rates. In the Dem world, a 100% tax rate would yield the largest revenue to the government. Non-Democrats understand that a 0% rate yields no revenue, and a 100% rate also yields no revenue (people won't earn money just to have it all confiscated). There are valid arguments to be made as to what tax rate is the best, but the blind belief that tax cuts lead to reductions in revenue is completely without merit, as demonstrated by the Kennedy tax cuts, the Reagan tax cuts, and the Bush tax cuts, all of which increased revenue. Which brings to mind another requirement to be a Democrat – you have to be able to deny history and fact, while at the same time sticking your nose in the air and bragging about how smart you are.
Romney/Ryan would have America return to the beginnings of the Industrial Revolution and the rise of Robber Barons with no middle class, only the rich and poor.