Obama camp touts tax relief, blasts Romney on eve of president’s visit to Floridaby George Bennett | August 1st, 2012
Look for President Obama to tout middle-class tax relief and accuse Mitt Romney of favoring tax breaks for the rich when Obama campaigns in Winter Park on Thursday.
The Obama campaign plans to hand out this flyer in Boynton Beach today that says Obama has “cut taxes for the typical American family by $3,600 since taking office” while Romney’s plan for across-the-board tax cuts would “either explode the deficit or require raising middle-class taxes.”
The $3,600 in Obama tax cuts are a cumulative total over four years. They include the expired Making Work Pay refundable tax credit of 2009 and 2010, which reduced taxes by $800 a year (or $1,600 over two years) for a family making $50,000.
The other $2,000 comes from the 2 percent payroll tax holiday of 2011 and 2012, which provides $1,000 a year of tax relief for a $50,000 household. That cut — which reduces revenue for the Social Security Trust Fund — is set to expire at the end of this year unless Congress acts.