According to a New Nonpartisan Report, Romney’s Tax Plan Would Force a $2,000 Tax Hike on Average Middle-Class Families with Children to Pay for Tax Cuts for Millionaires and Billionaires
New Report on The Romney Tax Hike: Nonpartisan experts at the Tax Policy Center released a report today concluding that if Mitt Romney were to pay for his $5 trillion tax plan skewed to the wealthiest, he would have to raise taxes on millions of middle-class families. Under Romney’s plan, families who have children and make less than $200,000 would see their taxes go up an average of more than $2,000.
Please see this new report from the Tax Policy Center.
To pay for his tax breaks for the wealthy, Romney would slash tax benefits for the middle class. Romney’s tax breaks for the wealthy are so large that to pay for them, he’d have to slash some of the most important tax benefits for the middle class. That could force millions of middle-class families to pay higher taxes because they would lose tax benefits for:
- health insurance premiums covered by their employer.
- interest on their home mortgages.
- donations to charity.
- children and child care.
Romney asks the middle class to pick up the tab for millionaires’ tax breaks. Even after taking away all these benefits, Romney still needs to raise more middle-class taxes to pay for his tax breaks for the wealthiest. To pay for just one $250,000 tax cut for someone like Romney who makes more than $3 million a year, 125 middle-class families would have to pay $2,000 more in taxes every year.
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.
- Extending Middle-Class Tax Cuts: The President is calling on Congress to immediately prevent a tax hike on the 98 percent of Americans who make less than $250,000. A typical family of four would otherwise see their taxes go up by $2,200 a year.
- Responsibly Cutting the Deficit: This is part of the President’s plan to cut the deficit by more than $4 trillion through spending cuts and reforms and ensuring everyone pays their fair share, while still making investments that strengthen the middle class and grow our economy.
- On Top of $3,600 in Middle-Class Tax Cuts: He’s 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.
Forward vs. Backward: This election is a choice between two fundamentally different economic visions for how to grow our economy, create jobs and pay down the debt.
- Independent economists agree that Romney’s plan won’t create jobs or grow our economy for the long run. We tried his formula for the past decade – it crashed our economy and punished the middle class.
- President Obama has a vision for an economy built to last and built from the middle out. His plan reduces the deficit in a balanced way while still investing in education, energy, innovation and infrastructure to help our entrepreneurs and workers grow our economy and the middle class.