FACT CHECK: Romney Would Raise Taxes on Middle Class Families To Pay For Tax Cuts For The Wealthy

Congressman Ryan tonight said Mitt Romney wouldn’t raise taxes on middle class families, but we know that’s not true. As independent, non-partisan analysts have highlighted, to pay for his plan, Mitt Romney would have to cut popular tax deductions that middle class families rely on, like the mortgage interest and charitable deductions, to pay for $250,000 tax cuts to multi-millionaires and billionaires. Paying for Romney’s tax cuts means the average middle class family with kids would see their taxes go up by $2,000 a year.

ROMNEY PROPOSED $5 TRILLION IN NEW TAX CUTS WHICH WOULD SHOWER MILLIONAIRES AND BILLIONAIRES WITH EVEN MORE BENEFITS WHILE RAISING TAXES ON THE MIDDLE CLASS

Center On Budget And Policy Priorities: Romney’s New Tax Cuts Would Cost $4.9 Trillion Over A Decade, On Top Of The Cost Of Extending The Bush Tax Cuts. “The Tax Policy Center estimates that the Romney tax plan would lose about $480 billion in tax revenue in calendar year 2015, beyond the revenues losses inherent in maintaining current policy (such as continuing all of the 2001 and 2003 Bush tax cuts).  Over the 2014-2022 period, that implies a total reduction in revenues of about $4.9 trillion, relative to current tax policy.” [Center on Budget and Policy Priorities, 5/21/12]

Reuters Headline: “Romney Tax Plan Helps Rich, Hurts Middle Class-Study.” [Reuters, 8/1/12]

Boston Globe Headline: “Mitt Romney’s Tax Plan Would Offer Big Cuts To Millionaires, Raise Taxes On Middle Class, Brookings Analysts Say.” [Boston Globe, 8/1/12]

Washington Post Editorial: The Tax Policy Center Found That Under The Romney Plan “Even If Every Loophole For The Top Brackets Were Closed, There Wouldn’t Be Enough Revenue. The Middle Class Would Have To Pay More.” “The Tax Policy Center (TPC), a joint venture of the Urban Institute and the Brookings Institution, examined Mr. Romney’s claim and found that, even if every loophole for the top brackets were closed, there wouldn’t be enough revenue. The middle class would have to pay more.” [Editorial, Washington Post, 8/21/12]

ROMNEY’S TAX PLAN WOULD GIVE MULTI-MILLIONAIRES A $250,000 TAX CUT ON THE BACKS THE MIDDLE CLASS – MIDDLE CLASS FAMILIES WITH KIDS WOULD SEE AN AVERAGE TAX INCREASE OF $2,000

If Romney’s Tax Plan Was Paid For, Families With Kids Who Make Less Than $200,000 Would See An Average Tax Increase Of $2,041. [Tax Policy Center, On The Distributional Effects Of Base-Broadening Income Tax Reform, p. 18, 8/1/12]

If Romney’s Tax Plan Was Paid For, The Top 0.1% Would See An Average Tax Cut Of $246,652. [Tax Policy Center, On The Distributional Effects Of Base-Broadening Income Tax Reform, p. 19, 8/1/12]