Obama calls Romney plan ‘trickle-down tax cut fairy dust’by George Bennett | August 2nd, 2012
WINTER PARK — President Obama derided Mitt Romney‘s tax plan as “trickle-down tax cut fairy dust” this afternoon and told supporters that the millionaire businessman and presumptive GOP nominee would raise taxes on the middle class so “people like him” can get a tax cut.
For the second day in a row, Obama pointed to a study by a Washington think tank that said Romney’s call for a 20 percent across-the-board cut in income tax rates would require the gutting of popular middle-class tax breaks like the deductions for mortgage interest and charitable contributions.
Top Romney adviser Eric Fehrnstrom blasted the study by the nonpartisan Tax Policy Center as “a joke” that doesn’t take into account economic growth that Romney says his tax cuts would spur.
Romney, in addition to calling for the reduction in income tax rates, has said his plan would not be a net drain on the treasury because he would also broaden the tax base by eliminating unspecified loopholes and tax deductions. The Tax Policy Center concluded that paying for the rate cuts would require eliminating so many breaks that anyone earning less than $200,000 would end up with a higher tax burden.
In one scenario, the study estimates that those making more than $1 million would see an average tax cut of $87,117 while a taxpayer with children earning less than $200,000 would see a $2,041 tax increase.
Obama pounced on that figure while speaking to a crowd of 2,400 at Rollins College.
“He’s not asking you to pay an extra $2,000 to reduce the deficit. He’s not asking you to pay an additional $2,000 to help care for seniors. He’s not asking you to pay an additional $2,000 in order to rebuild America or to fight a war,” Obama said.
“He’s asking you to pay more so that people like him can pay less.”
Look for more coverage later today at palmbeachpost.com