The Obama campaign quickly seized on a new study by the Tax Policy Center that says Mitt Romney’s new tax plan cuts taxes of high-income earners and burdens middle- and lower-income households, creating a new ad that links Romney’s plan and his personal wealth, the Wall Street Journal
The ad points out that Romney made $20 million in 2010 but paid just an effective tax rate of just 14 percent, the Journal reported, which is “probably less than you,” the ad narrator says.
“Now he has a plan,” the ad continues, according to the Journal, “that would give millionaires another tax break.” The ad concludes with: “Mitt Romney’s middle class tax increase. He pays less. You pay more.”
Romney’s plan promises “to reduce income tax rates across the board by 20 percent, which would deliver large benefits to those at the top of the income scale because they pay the most in taxes,” according to the Journal.
Romney said he will offset the cost of the plan by ending some deductions and tax breaks. The Tax Policy Center said that even if Romney’s plan delivered significant benefits to those earning lower incomes, it would still “provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers,” the Journal reported.
Romney’s campaign countered that the study was not objective because one of the co-authors used to work for the Obama White House, the Journal reported.
The Obama campaign countered that the co-author also worked in the George H.W. Bush White House.
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