President Barack Obama Wednesday took aim at the tax proposals put forward by Republican presidential candidate Mitt Romney.
Speaking at a campaign rally in Ohio, Obama criticized Romney's tax plan, which the President referred to as the "centerpiece" of his opponent's economic plan, for cutting taxes for the rich while raising them for the middle class and cutting services Obama said were needed for the nation's future.
"The bulk of this tax cut would go to the very top," Obama said. "A lot of it goes to the wealthiest 1 percent of all households. Folks making more than $3 million per year would get a tax cut worth almost a quarter of a million dollars."
He added, "Under my opponent's plan, who do you think gets the bill for these $250,000 tax cuts? You do."
To back up his claim, Obama cited a newly-released analysis of Romney's proposal by the non-partisan Tax Policy Center.
"They found that if Gov. Romney wants to keep his word and pay for this plan, then he'd have to cut tax breaks that middle class families depend on to pay for your home … to pay for your health care … to send your kids to college," Obama said.
He added, "That means the average middle class family with children… would be hit with a tax increase of more than $2,000. … He's asking you to pay more so that people like him can get a big tax cut."
Obama noted that the middle tax increases would not be used to pay down the deficit or invest in national infrastructure projects.
"Does that sound like a good plan for economic growth? Does that sound like a plan you can afford? How many of you want to pay another $2,000 to give Mr. Romney or me another tax break," Obama asked rhetorically to a chorus of "no" repeatedly from the audience.
He added, "We do not need more tax cuts for folks who are already doing really well."
Obama said that his tax proposal would extend cuts implemented under the Bush Administration for income earned up to $250,000 per year, with only the rates on income above that figure going up.
"If you genuinely believe that that plan will make you better off, if you believe that it's ok for them to tell us just to set our sights lower or settle for something less, then by all means send these folks back to Washington," he said. "But wouldn't we all be better off if we kept fighting for the things that have always made us strong?"
He added, "Won't we be better off if we have the courage to keep moving forward, to keep working out way back? That's what I believe."
Obama said that although he is older and perhaps wiser than when he first ran for president, his spirit remains undaunted.
"My hair may be grayer than it was four years ago, but my determination to do right by you is stronger than ever," he said. "My faith in you is stronger than ever."
He added, "If you still believe in me like I believe in you, I hope you'll stand with me in November. … Let's finish what we started in 2008."
by RTT Staff Writer
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