Mitt Romney's tax plan is a winner, and, lacking a serious rebuttal, President Obama settles for fabricating charges.
In a campaign stop at Rollins College in Florida last week, Barack Obama suggested that the middle class should resent Mitt Romney's tax proposals:
"I want everybody to understand here -- he's not asking you to pay an extra $2,000 [in taxes] to reduce our deficit; he's not asking you to pay an additional $2,000 to help care for our seniors; he's not asking you to pay an additional $2,000 in order to rebuild America or to fight a war," the president said. "He's asking you to pay more so that people like him can pay less."
But here is the actual truth: Mitt Romney is not asking the middle class or anyone else to pay more taxes. Mitt Romney is proposing to cut tax rates for everyone, across the board. That would finally liberate the economy for a long overdue recovery. Increased revenues from that booming economic growth, combined with savings from cutting Obama's runaway spending and closing loopholes that mostly benefit the highest income taxpayers, would enable a U-turn, from the four straight highest deficits in world history to a balanced budget in 5 years.
The roadmap for doing that is Paul Ryan's 2013 budget, which has already been adopted by the Republican controlled House. (The Democrat majority Senate, by contrast, has never shown up for work.) This is classic tax reform, cutting rates and closing loopholes.
Obama's Tax Plan: Higher Taxes, No Jobs
The only candidate in this race proposing to increase taxes is Barack Obama. He has already enacted increases in the top rates of virtually every major federal tax, which will go into effect January 1. That is when the tax increases of Obamacare will hit,
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