Obama calls Romney plan ‘trickle-down tax cut fairy dust’
by George Bennett | August 2nd, 2012
Obama greets supporters after speaking at Rollins College this afternoon.
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
Tags: bnblogs
August 2nd, 2012 at 4:12 pm
Another liberal article by the Palm Beach Post.
August 2nd, 2012 at 4:23 pm
OUR government needs to be replaced with people who know how to do more than just take the lobbyists’ cash. Because open trade isn’t working. And no one in Washington is trying to turn the boat around. Trickle down economic didn’t work either. But I can understand how it’s hard to listen to rest of the world when someone puts a suitcase full of cash on your desk! And it’s OUR fault. We keep voting for these people. I am hunting for any other party than democrat or republican. Organized politics isn’t working either! It is just making easier for the lobbyists to buy out everyone. Come on people! Stop hurting yourself by picking someone who has been put before us by control of a political party. That in turn is controlled by a lobbyist group from banks, big oil and insurance groups. This is where the system is broken. And this how we have the power to “change” it!
August 2nd, 2012 at 4:26 pm
Just another liberal PBP article. Man I knew we were living in little NJ/NY but damn keep the NY Times type journalism out of the post. S Fl, just another dumping ground for liberals to **it on conservative native locals.
August 2nd, 2012 at 4:35 pm
Romney will be very destructive and dangerous for Hispanics. Me and my family are terrified.
August 2nd, 2012 at 4:37 pm
Well aren’t we touchy GOPERS. I beleive we already are in the middle of these tax cuts and have been for years. Where are the jobs they are supposed to create ? Lying about how they will be the golden grail when they already are here have been for many years and did not work.
Obama is the obvious smarter, better qualified, and will be our next president. Cmon seriously, a mormon rich tax evader that failed miserably on his first trip overseas. Maybe for a condo president in boca but not the proud USA>
August 2nd, 2012 at 5:11 pm
sorry buddy, no birthday present this year. nope, you can go back to Chicago and take that teleprompter with ya, so you won’t get lost. and i know you like to attack president Romney, oops, governor Romney for his success at Bain capital, but yes, he was successful there. and as a republican governor in a liberal democratic state, Massachusetts, the unemployment rate went down, not up like with you, and balanced budgets. heck, he vetoed over 600 bills. have you used that veto pen yet? oh yeh, you haven’t even passed a budget in 3 years and your last one was voted down by your own democratic senate 99-0. wow! one more thing about the governor. when he presided over the Olympics, right after 9/11, it is the only Olympics in modern history to make money. looks like governor Romney has a mighty fine resume to me! and since you are so hung up about the governor “only” releasing 2 years of tax returns, are you ever gonna release your college records? what are you hiding. Romney has released his and he finished 1st in his Harvard law class and second in his business school class. wow, pretty good, eh. so please, mr. president get ready to head back to chicago where you can work more on your golf game so we can get an adult in the white house and take back your united socialist states of Amerika.
August 2nd, 2012 at 5:22 pm
Larry David: Well stated. Problem is that you live in a far left majority Dem. County, and they’d vote for Bertie the Bunyip if he was a Democrat. As usual, central Fl. and the NW and West coast will save us from another four years of this man and deprive him of his agenda to drive this country totally into a sinkhole, like the Europeans for whom he has so much admiration…not so much for the U.S.
August 2nd, 2012 at 5:23 pm
I’m amazed! The Democrats, of all people, are criticizing fairies?!?!
August 2nd, 2012 at 5:56 pm
Well … Obama should know from fairy dust …
he spluged vast gobs of it on us calling it “stimulus” …
and it didn’t stimulate anything but government employee jobs and useless “green” corporate subsidies.
August 3rd, 2012 at 12:37 am
Damn, larry david,(Carol) you are one dumb SOB.
You forgot the billion in tax increases under gov.Romney and that his state dropped to the bottom 5 for employment.
Not to mention that the population of Mass. dropped under Romney. People were fleeing the state.
And don’t insult peoples intelligence. 600 vetoes? The legislature didn’t produce thqat many bills in 4 years. That works out to one bill passed and vetoed every other day( less holidays and Sunday) I don’t think so. Your
FYI genius, the President doesn’t pass budgets! moron.
The Salt lake city olympics did NOT make money. The gov’t (taxpayers) had to step in with millions in aid to save the Olympics!!!
Obama said he doesn’t need to release anymore records. He isn’t applying for the Job of President, HE ALREADY HAS IT!!!For 4 more years!!
August 3rd, 2012 at 12:43 am
whasup
Dumber as they come.
What is “spluged”?????
Obama has reduced Gov’t jobs by close to 20%.
You forgot to mention the 3.8 million jobs it created. Stopped the downward spiral of the economy. And turned our economy around from getting worse to growing better just like he promised.
August 3rd, 2012 at 7:00 am
If you all think it is just fine to give up your mortgage interest deduction to pay for Ann Romneys dressage horse, think again.
August 3rd, 2012 at 2:14 pm
And shall this country and its people depend on the TRICKLE UP Food Stamps, Housing Vouchers, Free cell phones, Free Healthcare economy that we, the people supply and pay for?
TRICKLE UP MONEY: Food Stamps, Housing Vouchers, Free Cell Phones (yes, people get Free cell phones while you have to pay for your’s), Free Transportaion vouchers, etc.
Tired of the lies of Obama and his faulty economic plans.
No wonder Obama sealed his college records; he failed Statistics, Advanced Mathematics, Economics.
We are not better off, as Obama promised we would be if we elected him.
Obama has failed to mention that today’s information on jobs-shows that there are 195,000 LESS jobs- than in June of 2012!
Stop the subterfuge, the manipulation and complicity of certain media outlets to not present all facts and information.
Tell the truth!
August 3rd, 2012 at 2:31 pm
The debt incurred by President Obama is $16 trillion; more than ALL the Presidents combined.
Go ahead and tax those who make over $250,000 a year as the President proposes.
You know, what a ‘dent’ that will make in Obama’s $16 trillion of debt?….
$14 billion….leaving the Obama debt at $15.86 trillion!
and keep in mind that small business people-who employ most Americans- file their income tax as individuals, not as businesses, so they will be paying more in taxes.
Remember that when you go to the polls to vote.
The Obama administration tries to deviate the conversation away from the economy and Obama’s policies.
I believe, Mitt Romney’s election to the presidency, will be an uplifting moment and turn America around.
It is unfortunate, that President Obama has not brought this country together during this economic depression.
It seems all he does is criticize our country and others, who were fairly elected by their constituents, instead working, compromising (much like Bill Clinton did) to bring BOTH SIDES TOGETHER.
President Obama has demonstrated over and over that he is a divider instead of a uniter. That is not good for America. It is when we work together, compromise (think of your relationships and your family and how one has to compromise) that things prosper and grow.
The President has failed in his main duty-to unite and move forward America, not divide us.
August 6th, 2012 at 1:10 pm
Voting for Romney will be like letting Bush back in the house; same o’l thing, different person, same outcomes.
The article reported what Obama stated and what a non-partisan center said about Romney’s plan and that should not warrant a “liberal branding”. Romeny has yet to give the full details of his plans.
August 9th, 2012 at 12:44 am
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August 10th, 2012 at 12:28 pm
Why hasn’t Romney asked Barry Soetoro (later B. Obama) to release his records as a student at Occidental,Columbia, &Harvard.
He was a foreign student at the time &
received special treatment for that reason. He wsa not then a US Citizen &
probably still isn’t.
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