Romney's tax plan: cuts for the top 2% while middle class pays more

August 2, 2012

The Richmond Times-Dispatch reports, "Republican presidential nominee Mitt Romney will embark on a bus tour next week that will wind through Virginia and other key battleground states. Meantime, President Barack Obama will be in Virginia tonight for a campaign event at Loudoun County High School in Leesburg." Talking Points Memo also shares, "the Obama campaign released a digital tool Thursday morning that allows you to compare your tax burden under the Obama and Romney tax plans. The tool is based on a report from the nonpartisan Tax Policy Center which found that Romney's plan would raise taxes on 95 percent of Americans."

Progressive Point: Virginia families need an economy that works for everyone, but right now our tax system is rigged in favor of the wealthy and big corporations. Now Mitt Romney wants to make it even worse, cutting taxes on the top 2% while making the rest of us pay more. Virginians applaud financial success, but when the rich get special breaks and loopholes, the middle class has to pay the difference.

The President's plan would finally end the wasteful tax cuts that only benefit the richest 2%, while protecting tax cuts for 120 million working families. Mitt Romney only supports important middle class and small business tax cuts if the richest 2% get $1 trillion more in wasteful tax breaks. Conservative politicians are stacking the deck in favor of their wealthy donors and sticking the rest of us with the tab. It's time they pay their fair share.

Get the Facts:

• Only 2% of American households make more than $250,000 a year. (PolitiFact via Message Matters, 2012)


• President Obama's new ad reports Mitt Romney made $20 million dollars in 2010, but paid only 14% in taxes which. His current plan will give millionaires another tax break and raises taxes on middle class families by up to $2000 dollars a year. (YouTube, August 2, 2012)


• President Obama has signed 18 tax cuts for small businesses into law and has cut taxes for middle-class families every year he has been in office, by an average of $3,600 over the past four years. (Whitehouse.gov via Message Matters)

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