Struggling to beat back criticism that he benefits from a broken tax system, Mitt Romney lobbed a misleading attack on President Obama, claiming that the President is somehow running on a platform of “higher taxes” for middle-class families and small businesses.
The facts, however, do not support Romney’s claim:
President Obama has cut taxes for virtually all working families, providing at least $3,600 in tax cuts over four years for the typical household.
President Obama has cut taxes for small businesses 18 times, including a new tax credit for hiring unemployed veterans.
Over the last three years, President Obama has signed $200 billion in tax relief and incentives for businesses into law.
The President’s framework for tax reform would create a tax credit for businesses that bring production back to the U.S., and removes tax deductions for companies that move jobs overseas.
The President’s Buffett Rule actually asks that millionaires not pay a lower tax rate than many middle-class families already pay. Today’s income tax rates are low relative to the rates of the past century, especially for top income brackets.
But not only does Romney oppose having wealthy Americans pay their fair share, he is pushing policies that actually raise taxes on middle-class Americans. Romney’s proposed tax plan would leave 18 million middle- and low-income families a year facing a tax increase.