A recent study by the non-partisan Tax Policy Center revealed that in order to pay for his $5 trillion in tax cuts for the upper class, Mitt Romney would need to raise taxes on millions of middle class families.
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See the full report at the TaxPolicyCenter.org
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Additionally, under Romney’s plan, many important tax benefits would disappear including health insurance premiums covered by their employer, interest on their home mortgages, donations to charity, and children and child care.
Bottom line – middle class families would have to pay an average of $2000 more in taxes every year while someone making $3 million a year would get a $250,000 tax cut.
On the flip side, President Obama has a plan to prevent a tax hike on the middle class that enacts spending cuts and reforms and asks the wealthiest to pay their fair share again so we can reduce our deficit in a balanced way.
The President has already cut taxes for a typical family by $3,600 since taking office – helping families send their kids to college, buy their first home, pay for health care and child care, and help the economy recover from the worst financial crisis since the Great Depression.
Americans deserve better than the tax policy plan Romney has proposed. The choice could not be more clear: we face two fundamentally different visions for our country – President Obama’s vision for an economy built to last and built from the middle out, not the top down, and Mitt Romney’s vision of an economy that works only for some at the expense of everyone else.
America’s hardworking middle-class families can’t afford a tax hike, and it’s shameful that Mitt Romney is willing to impose one on them so that millionaires and billionaires – like him – can get another tax break.
In the following video Deputy Campaign Manager Stephanie Cutter breaks down what Mitt Romney’s tax plan means for families and how President Obama’s plan will cut the deficit while still making the investments we need to grow and keep middle class families strong.
Obama for America also released a new online tax calculator that allows individuals to see just what the Romney Tax Hike would mean for their family’s wallet – as well as how much tax relief they have received over the last four years as a result of the President’s policies. It also estimates how much money Americans will save next year under the President’s proposed tax plan.
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