New Obama ad draws tax plan contrast
July 11th, 2012
05:23 PM ET
10 years ago

New Obama ad draws tax plan contrast

(CNN) - A new television advertisement from President Barack Obama's campaign is an attempt to secure the upper hand over Mitt Romney in a tax policy debate which Obama recently brought back to the forefront.

The ad gives a high-level overview of Obama's position on taxes and an unflattering, similarly simplistic view of Romney's proposals.

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"Mitt Romney's plan," the ad says, includes "a 25% tax cut for millionaires, tax breaks for oil companies and corporations that ship jobs overseas, but a tax hike for 18 million working families."

For evidence on the "working families" tax increase, the Obama campaign cites a Politifact analysis which says Romney has not publicly supported extending tax provisions aimed at low-income earners including the American Opportunity Tax Credit (an education benefit), the Earned Income Tax Credit, and the Child Tax Credit (to offset some of the cost of raising a child).

It offers a more positive view of Obama's positions on taxes.

"President Obama's plan: ask the wealthy to pay a little more so the middle class pays less, eliminate oil subsidies and tax breaks for companies that outsource," the narrator reads.

On Monday, Obama renewed calls for Congress to extend the Bush-era tax break on household income under $250,000. Many Democrats support extending the tax cut on incomes under a certain threshold, but oppose Republican's calls to extend the tax credit on income of all levels.

Their contrasting positions have led to heated political exchanges, as has Obama's support for the Buffett Rule. That proposal is supported by and named for billionaire Warren Buffett and would set a minimum tax rate for wealthy individuals.

A Republican ad buying source told CNN that Obama's campaign bought $25 million in July ad time earlier this month in the states in which this ad will air.

It will air in Colorado, Florida, Iowa, North Carolina, New Hampshire, Nevada, Ohio, Pennsylvania, and Virginia, the Obama campaign said Wednesday.

- CNN's Gregory Wallace and Kevin Bohn and CNNMoney's Jeanne Sahadi contributed to this report

Filed under: 2012 • Ads • President Obama • Taxes
soundoff (18 Responses)
  1. Name JR

    Can someone please enroll this guy in an Econ 101 class. Or frankly about 50 million other Americans as well. Then challenge him and them to run a lemonade stand "profitably" for one week. After the week is over hand over half of what they made. Betcha they can't.

    July 11, 2012 05:37 pm at 5:37 pm |
  2. Jerry

    HE conveniently neglected to mention that he has always been lying to the middle class about HIS claims of how much HE cares about this particular income group. Now the middle class will have their taxes raised!!! So much for transparency. Middle class's light at the end of the tunnel is growing dimmer and dimmer.

    Thank you Mr. Obama...

    July 11, 2012 05:50 pm at 5:50 pm |
  3. tellin it like it is

    isn't obama's tax plan to take more and more from fewer and fewer while a majority pay zilch, so he can give our money to others in exchange for their vote, or send it overseas for green jobs, or give it to failing green companies here so it can be lost? yup, pretty much sums it up.

    so riddle me this batman. if the government raises taxes on cigrattes to discourage their use, just what do they expect to have happen when they raise the taxes on other things? yes einstein, you can expect less of what is being taxed, whether that be investment or work or whatever. and the real bad news is that the consumer is the only one that pays for these taxes in the end when it gets rolled into the cost of the product or service.

    July 11, 2012 05:51 pm at 5:51 pm |
  4. vic , nashville ,tn

    Give tax credit to Top 1% they create jobs GOP argument but we find out top 1% has deposited in Swiss bank

    July 11, 2012 05:51 pm at 5:51 pm |
  5. NVa Native

    Since Romoney won't talk about his economic plan – which is to continue Bush's economic plan that destroyed our economy – then no one better than the guy who's going to defeat him this fall.

    July 11, 2012 06:01 pm at 6:01 pm |
  6. Darryl

    Wow, what an add. Pres.Obama is pretty straight-up and right to the point. I don't see Romney even comming close when the election is here.Romney will have to go back to Wallstreet where he belongs and this time he and his buddies can PAY their fair share of higher taxes and start contributeing like the rest of us americans do.President Obama has it exactly right on all the problems that were created befor Bush and when Bush in office. Thats the past and Pres.Obama is Transforming the country and moving us forward to a better future.

    July 11, 2012 06:08 pm at 6:08 pm |
  7. NVa Native

    Romoney and Bush were both MBA guys who only know about their own profit. Bush was terrible in public and private life, and Romoney became very wealthy.
    Running a the American Democracy that is still the most powerful nation on earth (despite the GOP) has nothing to do with your personal wealth or making a profit.
    It's about serving all Americans as best you can – not just for the benefit of the very wealthy.
    Obama knows this, and of course Romoney hasn’t a clue.

    July 11, 2012 06:09 pm at 6:09 pm |
  8. Four and The Door

    Obama/ Biden 2012 opens a can of worms with this ad. Bring it! This is one Mitt Romney wins on. One of many.

    July 11, 2012 06:25 pm at 6:25 pm |
  9. American

    The independent Tax Policy Center scored both Romney's & President Obama's plans.

    Romney would grossly increase deficits by $5 trillion over the next decade. President Obama's plan will actually decrease deficits by $2 trillion over the same time period.

    President Obama 2012

    July 11, 2012 06:27 pm at 6:27 pm |
  10. Stuck-With-Rmoney

    They knew Rmoney would be very weak candidate, yet the establishment imposed him on us. Too late!

    July 11, 2012 06:36 pm at 6:36 pm |
  11. Sniffit

    "an someone please enroll this guy in an Econ 101 class. Or frankly about 50 million other Americans as well. Then challenge him and them to run a lemonade stand "profitably" for one week. After the week is over hand over half of what they made. Betcha they can't."

    Of course not. How are they supposed to compete with the giants of the lemonade industry who have lobbied for and gained enactment of special legislation providing tax subsidies their business, but written so that they are the only ones who meet the threshhold criteria for receiving said tax susidies based on, say, the amount of produce they purchase and the net losses they report for the amount of "damaged fruit" in the lemons they turn to lemonade? You know, those same companies that run 150,000 s.f. plants that churn out 3M gallons of lemonade per day but only require 10 minimum wage workers in hair nets to operate them...3 of whom are actually illegal aliens because they've essentially paid the GOP to turn a blind eye to or block immigration reforms that would actually punish businesses severely for hiring illegal immigrants? And what are they supposed to do when the lemonade oligarchs come and offer to buy their lemonade stand for a pittance just so it can be closed down and the competition eradicated...and when they refuse to sell, they get run into the ground by unfair regionalized price fixing practices designed to undercut their profit margin and force them into bankruptcy? Besides, who buys lemonade from a politician anyway? I thought they were all selling koolaide.

    July 11, 2012 06:37 pm at 6:37 pm |
  12. NotFooledByDistractions

    Anyone who thinks romney is going to look out for the interests of the middle class is fooling themselves. He's not interested in building a strong middle class, he's looking to enrich his financiers and himself.

    July 11, 2012 07:03 pm at 7:03 pm |
  13. Larry L

    The wealthy had their chance to be "job creators" but they hoarded their millions, sent their savings offshore to avoid taxes, didn't invest in America when prices were cheap, and now want a continued shot at a sweet deal. Romney is the poster-child for the fat-cats and anybody too stupid to see that reality needs to back away from Fox News and think.

    Republicans in Congress have done absolutely nothing to fix the mess they created. Think! They did it! Really!

    July 11, 2012 07:53 pm at 7:53 pm |
  14. Roy

    Where are Mitt's allegiances? In Switzerland? The Caymans?

    I cannot shelter funds in foreign currency, foreign property, or foreign banks. Can you? Mitt does.

    My fate, my wealth, and my allegiances, like those of 99% of my fellow Americans, liberal or conservative, Democrat or Republican, hangs in the balance in this land.

    It's important that our fates be so attached to keep our confidences in one another and our allegiances at home; here, IN AMERICA!

    Is it too much to ask that our President's fates also be tied inseparably to our own?

    Let Romney count his Swiss Francs; he'll not count my vote!

    July 11, 2012 07:58 pm at 7:58 pm |
  15. Roy

    For the vast majority of Americans, who have health insurance, there is no "tax". In fact, many of the key provisions in ACA will reduce healthcare costs (most pundits don't talk about the Accountable Care Organizations and other elements that are already having a positive impact". For those who don't have health insurance and can't afford it, there is no fine or "tax". For the remainder who refuse to get health insurance but can afford it, you freeloaders will have to pay 1% of your income, because the rest of us have to pick up your tab when you use medical services, and you will.

    By not asking people to contribute to their healthcare, the GOP is supporting freeloaders, just like they support corporate freeloaders through oil subsidies, loose bank regulations that inevitably lead to bailouts, loose environmental regulations that lead to high healthcare costs, etc. Democrats are the real party of fiscal responsibility.

    July 11, 2012 07:59 pm at 7:59 pm |
  16. Dubhly

    How many employees does he get to ship oversees to produce the lemonade cheaper? As a side note, when did the USA become a business? Its not and quite frankly i dont think a business man is a good leader. They are worse then politicians when it comes to spinning the truth, thats why we need a business free government to over see them to keep them as honest as possible. When you get the wolves guarding the hen coop for you, you end up with few hens, but real happy wolves. The Republicans are wolves right now, bought and controlled by big business. Econ 101 will tell YOU the same thing btw, its not the governments job to do business, its the governments job to police business.

    July 11, 2012 08:19 pm at 8:19 pm |
  17. Liz the First

    When taxes on the 'job creators' was a lot higher, our economy was booming. ever since Shrub started slashing taxes, things have been going downhill. hasn't anyone on the 'right' noticed this????? if you hand rich folks money on a silver platter, where is their incentive to do anything to earn more? these folks want to stay rich. soooo, if they don't get to keep as much, it'll be an incentive for them to earn more, and that means produce more and hire more folks to do the producing. this is a no-brainer. so why doesn't the no-brain crowd get this simple concept? and speaking of 'job creators,' why haven't they been creating jobs? because they're waiting to see if Obama gets re-elected. instead of helping the American people pull ourselves out of a recession, they're sitting on their hands and their billions and trying to sabotage a sitting president. how disgraceful can you get?

    July 11, 2012 08:23 pm at 8:23 pm |
  18. S.B. Stein E.B. NJ

    The problem is that when there is so much to pay and those that have the most refuse to pay anything. We have so much debt that everyone needs to pay into this.

    July 11, 2012 09:04 pm at 9:04 pm |