Presumptive GOP nominee Mitt Romney’s tax plan would cut taxes on wealthy Americans while raising taxes on the middle class, President Obama told voters in Mansfield, Ohio, on Wednesday. Romney has proposed a $5 trillion tax cut on top of the Bush tax cuts, Obama said.
“The bulk of this tax cut would go to the very top. A lot of it would go to the wealthiest 1 percent of all households,” Obama said, pointing to a report from the nonpartisan Tax Policy Center.
“If Governor Romney wants to keep his word and pay for this plan, he would have to cut tax breaks that middle-class families depend on,” Obama said, like those for mortgages, health care and college spending. “That means that the average middle-class family with children, according to this study, would be hit with a tax increase of more than $2,000.”
“And here’s the thing. He’s not asking you to contribute more to pay down the deficit,” or invest in education or other programs, Obama added. “He’s asking you to pay more so that people like him can get a big tax cut.”
Tax cuts for middle-class Americans do more to grow the economy than tax cuts to the wealthy, Obama said. When middle-class families have more money to spend on goods and services, “all that money circulates in the economy and it makes us all grow,” the president added.