On the road in Michigan over the weekend, Mitt Romney tried out his new favorite campaign strategy: running through a laundry list of promises he thinks President Obama has failed to keep. Romney’s latest effort:
“He also promised he’d cut taxes for middle-income Americans. Hasn’t done that, either.”
But Mitt Romney couldn’t be more wrong. President Obama continues to follow through on his commitment to the middle class, and smart tax cuts are a big part of what he’s done already.
In fact, Romney wouldn’t have to go back very far to find evidence of the President’s record on this issue. Just five days ago, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends the payroll tax cut he passed for 2011 through to the end of 2012, and lets middle-class families keep more of each paycheck in their pockets:
Benefits American workers—all 160 million of them.
A middle-class couple making $50,000 a year received an estimated $1,000 tax cut in 2011, and will now receive it again in 2012.
Working Americans will receive a total of $110 billion in tax relief.
That’s not all. Soon after President Obama took office, his Making Work Pay tax credit provided billions of dollars in relief for working families:
A refundable tax credit of up to $400 for middle-class individuals and $800 for married couples filing jointly.
Boosted middle-class disposable income and lowered tax liabilities by more than $50 billion in 2009 and $57 billion in 2010.
Overall, the average middle-class family pays lower taxes today than when President Obama took office:
Independent fact checkers agree that thanks to the President’s actions, “for the middle 60 percent of income distribution, both the average tax paid and the average tax rate fell between 2008 and 2011.”
USA Today reported that in 2009, Americans paid the lowest level of taxes since 1950—when Harry Truman was president.
While President Obama has been fighting for middle-class Americans, Mitt Romney is touting a tax plan that clearly gives preference to millionaires and brings back the failed policies of the past. When it comes to middle-class tax cuts, the facts speak for themselves.