(AKRON, Ohio) — President Obama today pounced on a new report that found Mitt Romney’s economic plan would raise taxes on the majority of Americans and give tax breaks to the super wealthy, telling supporters in the battleground state of Ohio that his opponent wants them to pay more so that “people like him” can get a tax cut.
“If Governor Romney wants to keep his word and pay for this plan, then he’d have to cut tax breaks that middle-class families depend on to pay for your home — the home mortgage deduction — to pay for your health care — the health care deduction — to send your kids to college,” the president told a crowd of roughly 2,000 in Mansfield, Ohio.
“And here’s the thing: He’s not asking you to contribute more to pay down the deficit. He’s not asking you to pay more to invest in our children’s education or rebuild our roads or put more folks back to work. He’s asking you to pay more so that people like him can get a big tax cut,” he said.
The study, by researchers at the Brookings Institution and the Tax Policy Center, found Romney’s economic plan would raise taxes on 95 percent of Americans by an average of $500 per year and grow the deficit, while millionaires would receive an average tax cut of $87,000 a year.
The report states “it is not mathematically possible to design a revenue-neutral plan that preserves current incentives for savings and investment and that does not result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers.”
The president underscored that the study was conducted by an independent, nonpartisan organization. “You do not have to take my word for it,” he said as he described the findings. “This wasn’t my staff. This wasn’t something we did. Independent group ran the numbers.”
Conservatives, however, have noted that one of the authors of the report has ties to the Obama administration. Adam Looney was the senior economist for public finance and tax policy with the President’s Council of Economic Advisers from 2009 to 2010.
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