Romney-Ryan Tax Plans Would Hike Taxes on the Middle Class to Pay for Budget-Busting Tax Cuts for the Wealthiest

Today’s analysis confirms that the House Republican tax plan would, like Mitt Romney’s tax plan, benefit the wealthiest and hurt the middle class. The House Republican tax plan would give millionaires a huge tax break while raising taxes on families making less than $200,000. An expert from the nonpartisan Tax Policy Center said it would shift “the burden of the tax code toward the middle class.”

• Please see today’s Washington Post article headlined “Middle class would face higher taxes under Republican plan, analysis finds.”

Mitt Romney’s own tax plan would do the same thing as the House Republican plan- help the wealthiest while hurting the middle class.

• He’d give millionaires like him a budget-busting 25 percent tax cut while actually raising taxes on 18 million hardworking middle-class families.
• This is nothing new to Romney. He also did it as governor of Massachusetts, cutting taxes for the wealthiest while raising more than 1,000 taxes and fees on small businesses and the middle class.
• For more information, please see this new campaign ad.

Today’s report confirms that Republicans can’t pay for their tax plan without raising taxes on middle-class families.

• Republicans claim they’ll end tax deductions, but they won’t specify which ones.
• Romney won’t even say how he’ll pay for his $5 trillion tax cut for the wealthiest. He’ll either explode the deficit or raise taxes even more on middle-class families – and he doesn’t have a pan to create new jobs now.

President Obama believes we shouldn’t give millionaires another tax break at the expense of the middle class. His tax reform plan would pay down our deficit in a balanced way that will create jobs here in America and ask the wealthiest to pay their fair share again.