President Barack Obama used a new report on the stump today to go directly after Mitt Romney’s economic plan.
Indeed, the report found that Romney’s tax cuts would BOOST after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while REDUCING by an average of 1.2 percent the after-tax income of individuals earning less than $200,000.
On a campaign trip in Mansfield, Ohio, Obama invoked the study, saying that Romney’s “$5 trillion tax cut on top of the Bush tax cuts” would force many people to give up popular deductions that allow them to buy a house, afford health care and send their kids to college.
“That means the average middle-class family with children, according to this study, would be hit with a tax increase of more than $2,000,” Obama told more than 2,000 supporters.
Steve Benen of The Maddow Blog put together an excellent chart based on the study. It shows everyone’s tax burden would go up under Romney’s plan, except those in the top 5%, who would see a generous windfall.
But here’s the kicker: Steve had to leave off the top 0.1% of earners because your tax break would be worth nearly a quarter of a million dollars, making the chart unreadable!:
The Romney campaign calls the study biased, noting that one of its authors, Adam Looney, was formerly an official in Obama’s Treasury Department. But another of the study’s authors, William Gale, was an economic adviser to Republican President George H.W. Bush.
And the Tax Policy Center, a joint venture between the Brookings Institution and the Urban Institute, is led by Donald Marron, a former economic official in the administration of Republican President George W. Bush.
Funny, when the Tax Policy Center analyzed Gov. Rick Perry’s tax plan in November 2011 during the GOP presidential primaries, the Romney camp called it an “objective, third party analysis.”