Posted on 08/18/2012 10:46:33 AM PDT by Sub-Driver
Obama: Ryan plan would cut Romney’s tax rate to 1 percent By Mike Lillis - 08/18/12 12:03 PM ET
Stumping in the swing state of New Hampshire on Saturday, President Obama is poised to hit Mitt Romney on a topic that's haunted the GOP presidential contender all summer: taxes.
The president will hammer the Democrats' long-running charge that Romney's tax plan favors the wealthy over the middle class – an accusation that's only gained steam since Romney tapped Rep. Paul Ryan (R-Wis.) as his running mate.
"The centerpiece of my opponent’s entire economic plan is a new, $5 trillion tax cut, a lot of it going to the wealthiest Americans," Obama will say at a stop in Windham, according to excerpts released by the campaign.
"And his new running mate, Congressman Ryan, put forward a plan that would let Gov. Romney pay less than 1 percent in taxes each year. Here’s the kicker: he expects you to pick up the tab."
Romney, for his part, has said his plan seeks lower tax rates, regardless of income, and would eliminate many loopholes to cover the loss in revenues. The Romney campaign responded to Obama's charges even before the New Hampshire speech, calling it a "false attack." The Republicans argue that the president's plan to allow the Bush-era tax rates to expire on the wealthiest people would cripple the ability of businesses to make new hires.
"The fact is President Obama wants to raise taxes on private investment and job creators, which will lead to higher unemployment and fewer jobs," Ryan Williams, a Romney campaign spokesman, said in an email. "The Romney-Ryan Plan eliminates taxes for the middle class on interest, dividends and capital gains and implements pro-growth policies to deliver more jobs and more take-home pay for middle-class families."
Still, Romney has yet to release the full details of his tax plan, leaving him open to accusations that it would benefit the wealthy at the expense of middle class Americans.
Adding fuel to the Democrats' charges, the Tax Policy Center, a non-partisan policy shop, found recently that a plan like Romney's would hike taxes on those earning less than $200,000 per year, while providing generous tax breaks for those earning more.
The report was not overlooked by Democrats, as Obama's New Hampshire speech Saturday makes clear.
"Gov. Romney’s tax plan would actually raise taxes on middle-class families with children by an average of $2,000. Not to reduce the deficit, or grow jobs, or invest in education but to give another tax cut to people like him," Obama will say, according to the prepared remarks.
"They have tried to sell us this trickle-down fairy dust before," Obama is expected to say. "It didn’t work then and it won’t work now. It’s not a plan to create jobs. It’s not a plan to cut the deficit. And it’s not a plan to move our economy forward.”
Romney and Ryan are scheduled to visit New Hampshire on Monday.
The Obama campaign has also pressured Romney to release additional tax returns after a report last month detailed his use of offshore accounts.
Romney has released returns from 2010, which show him paying 13.9 percent, and an estimate of his 2011 taxes.
His running mate Paul Ryan released records from 2010 and 2011, which showed him paying a tax rate of 15.9 percent and 20 percent respectively.
The Obama campaign has asked Romney to release five years of returns, a call the GOP candidate's campaign has rebuffed.
So he is now so desperate he is simply making it up as he goes along. This is NOT going to work.
I know you are but what am I?
Passing notes to the other campaign. We won’t harm you
if you just do what i say. by Jim Messina.
IT’s the PEE WEE HERMAN CAMPAIGN.
PEE WEE —— “I MEANT TO DO THAT. “ YOU DIDN”T BUILD THAT.
STARRING CRAZY UNCLE JOE BIDEN. WE GONNA SAY STUPID **#* AND
NOT APOLOGIZE
AND BARRY “PEE WEE” HERMAN. where’s your red bicyle Pee Wee???
It is true.
Under Paul Ryan’s plan taxes on capital gains, interest and dividends would be eliminated.
Nearly all of the taxes Romney pays are capital gains and dividends.
This man’s politicking as if we were in the middle of a booming economy, peace in the world and heaven on earth and no reason for the American people to want to change the path of such prosperity.
True or not. The fact is Obama is out of touch. The American people are more concerned about how Obama’s spending their money than they are about how Romney spent his.
Hope and Change has become Mope and Blame!
I agree 100%.
The left is trying distract people from the stagnant economy, high unemployment rate and out of control spending under Hussein 0bama.
According to one published report (unfortunately don’t have the reference), actually only 0.82% for speaking fees, etc. The Ryan plan has NO tax on interest, dividends or capital gains which is the source of most of Romney’s income
Um, unless the Dems. have already seen Romney’s tax returns, and they have, how would they know?
bkmk
How did the government get to tax these things in the first place??
Heard Rush mention a cool way to use Ryan - have him show up the very next day wherever Zero goes and refute him. Obama gives a speech in Miami - Ryan stops there the next day - Obama stops in Denver - next day - Ryan’s in Denver - etc....
Every time he has opened his mouth lately, he confirms his stupidity.
Heard Rush mention a cool way to use Ryan - have him show up the very next day wherever Zero goes and refute him. Obama gives a speech in Miami - Ryan stops there the next day - Obama stops in Denver - next day - Ryan’s in Denver - etc....
‘We’ consented and ‘gave’ Gov’t said ability in the Constitution. Since then, Gov’t has favored different classes and groups of taxation.
Who cares about Romney’s tax rate?! I want to have MY tax rate cut. I don’t want to be nickle and dimed to death because of the EPA and regulations.
Really, I don’t care if Romney has to pay any taxes.
What do you mean “lately”?
Isn’t tax avoidance (an entirely different thing from tax evasion) the way of encouraging capital growth?
The fiction that “capital gains”, largely a result of inflation, is somehow illicit, has become ingrained in the dialogue that is now dominating the national politics. To purchase some right or title to property, and to resell it some period of time later, is only a store of value. If it were purchased for “X” number of dollars, and the sale price later on were, say, 120% of “X”, but in the meantime the value of each dollar declined to only 75% of its previous purchasing power (effectively requiring 133% of the number of dollars to maintain the same value), is that not in fact a LOSS of capital?
Or is simple math no longer taught? Or maybe, math was not nearly that simple to begin with.
Every time he has ever opened his mouth......
Better?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.