A group whose reports were recently praised by Mitt Romney as providing “an objective, third-party analysis”, has issued a report that could be devastating to Romney’s White House ambitions.
The independent, third-party Tax Policy Center issued a report this week highlighting the tax burden shift from the wealthy to the middle class proposed by Romney. The new study basically concludes that, under the Republican’s plan, taxes will be cut for the very wealthy while increased for most middle and lower income taxpayers.
Several months ago, Romney cited the accuracy of the Tax Policy Center when the group analyzed the tax plan of Romney primary opponent Rick Perry.
Romney’s middle class tax hikes would come in the form of the elimination of the mortgage interest deduction, as well as health care and education deductions relied on by a large portion of middle class families.
Naturally, President Obama seized upon the report’s findings and translated the numbers to mean that the average middle class family would pay and additional $2,000 per year in taxes, while the average family earning over $1,000,000 per year would save about $250,000 via tax breaks.
The Obama campaign provided an online tax calculator to help individuals determine what it would mean to them.
Additionally, team Obama released a new ad whose theme will likely now become the centerpiece of his campaign against the former Massachusetts governor.