Obama: Romney wants tax cuts for "people like him"

President Obama speaks at a campaign event on Wednesday, Aug. 1, in Mansfield, Ohio.

/ AP Photo/Jay LaPrete

(CBS News) Continuing to color Mitt Romney as an ally to the rich at the expense of the middle class, President Obama said during a Mansfield, Ohio, campaign stop Wednesday that the presumptive GOP nominee is "asking you to pay more so that people like him can get a tax cut."

Jumping at the chance to tout a new study by the Tax Policy Center concluding Romney's promise to deliver a revenue-neutral tax plan would result in massive tax cuts for the wealthy, the president told audience members in the critical swing state they don't "have to take my word for it" that middle- and lower-income households would bear the burden of these tax cuts under Romney's plan.

(President Obama slams Mitt Romney's tax plan.)

"The centerpiece of my opponent's entire economic plan is a new, $5 trillion tax cut," Mr. Obama said to jeers in the crowd. "A lot of this tax cut would go to the wealthiest 1 percent of all households. Folks making more than $3 million a year - the top one-tenth of 1 percent - would get a tax cut worth almost a quarter of a million dollars - a quarter of a million dollars!

"But it gets worse - under my opponent's plan, guess who gets the bill for these $250,000 tax cuts? You do," the president continued. He called on "people like me and Mr. Romney" to return to the rates they paid under the Clinton administration, "when our economy created 23 million new jobs and a budget surplus, and it created a lot of millionaires."

Wednesday's speech was the latest in a series of attacks the president has launched against Romney's proposed handling of the economy. Late Tuesday night, the Obama campaign put out a new TV ad in key battleground states titled "Worried," contrasting Romney's budget plan with his own, which the White House Office of Management and Budget has said would cut the deficit by more than $4 trillion over 10 years.

A new Quinnipiac University/CBS News/New York Times poll released earlier in the day showed the attacks may be resonating in key swing states - Ohio included - where voters view the president as far more in-tune with their problems than Romney.

(President Obama congratulates U.S. Olympians.)

"That's what this campaign is about, Ohio, and why I'm running for a second term as president," Mr. Obama said, a message he reiterated later in the day in Akron, Ohio. But while his thesis centers on America's "stark choice" between his and Romney's economic visions, the president took a moment Wednesday to thank U.S. Olympians, including swimmer Michael Phelps and the women's gymnastics team, for providing something the entire nation can get behind.

"The wonderful thing about the Olympics," he said, "is it reminds us that for all our differences, when it comes down to our country, we're Americans first."

[Socialistnation]

If the Bush Tax Cuts according to the Liberal left were the main cause of the deficit, then they should all expire for everyone. By only expiring the higher earner tax cuts, it would only fund the Government for 8 days.

Also Obamas rhetoric is flat out lying. He talks about Millionaires and Billionaires but the expiration would fall to individuals making 200K and Families making 250K. This will also effect many people who live in high cost cities, LLC business owners who while can show a profit of 250K usually show it as retained earnings and keep monies in their business. In addition it expires the Capital Gains tax cuts as well.

[Yeah_Its_Me]

No one said the Bush tax cuts were "the main cause" of the deficit. But not keeping the tax cuts on the middle class will cause a drag on consumer demand - what's considered the main reason we're still economically catching our breath. Regulations and such are not considered an anchor on business, but that's what the GOP keeps saying needs fixing.

And the number of businesses considered to be affected by Obama's plan is relatively small.

[TimeToEvolve]

I thought the national debt and deficit was a huge issue for conservatives. Then why is Romney and his party of spenders advocating raising the national debt $5 trillion by raising taxes on 95% of Americans?

[Yeah_Its_Me]

So let's se, Bush-era judge shoots down DOMA, GOP report finds no Fast & Furious link to the White House, and Romney's tax plan sticks it to the middle class according to a study co-written by a former Bush guy.

Bad day to be a hater in the GOP.

But of course the haters here won't stay silent.

[tsigili]

The class warfare has become ridiculous. The rich already support this government, enough. Time for the rest of Americans to get off their roly poly fannies, and earn their own way, and pay their fair share of taxes, to live here.

If you want to live off the government, get out of America. America is for those who are willing to work.

[Yeah_Its_Me]

There are tons of people who work at places like Walmart but don't make enough to pay after their exemptions are factored in. You should be wondering why so many jobs got offshored if the ones left for the average joe don't pay enough to have them contributing more.

And I hear Romney hasn't paid taxes for quite a few years. So maybe you can have a word with him.

[ammo17]

can someone please inform the democrats that these tax laws and loopholes were made into law by congress,a person would be crazy not to use them,if you want to be mad at anyone take your hate out on people like barney frank and charlie rangel the people who make these laws.

[realisticfromthemiddle]

Go back and check the votes on those loopholes and you will see that republicans are voting for them in large numbers. They have to help the "job creators" don't they? Quit trying to blame it all on the democrats, the republicans are just as guilty. The only difference in the two parties is that one is telling lies you want to hear.

[SimonBau]

Cutting taxes for the wealthy while leaving the bill for the middle class. What a great idea for an economic plan in a true plutocracy. Wait a min., isn't America a democracy and an egalitarian society? In that case this economic plan is garbage, especially considering it will wreak havoc on an already fragile economy. If American voters haven't realized it yet, Mitt Romney is solely going to look out for his key core constituency - the wealthy - those who already are well off. Just glad to see that voters in Ohio, Florida and Pennsylvania are beginning to realize that trickle down economics is NOT the way to go.
http://simonbau.blog.com/2012/08/02/mitt-romney-as-the-reverse-robin-hood/

[esscape]

Spoken like a true RACIST

[wayneonly]

Texas just voted for a TEA PARTY republican over a Republican who outspent him 3 to 1, so this means that money is not the only factor that gets a candidate elected. I will never vote for him (Ted Cruz) because he wants to tear apart the middle class and every environmental regulation that protects our nation today. Like most Republicans and especially Tea Party Republicans he is against anything that helps the poor or middle class and in favor of giving massive tax breaks to the rich and multinational companies. The GOP claims that tax breaks for "small" businesses (and big businesses) will create more jobs, but it has been proven that what business needs to expand is CUSTOMERS and those customers can only come from the middle class and the poor. So their desire to give these massive tax breaks to multimillionaires is shortsighted and just a ploy to award their "big money" campaign contributors who will take the money and chase the next big stock deal or invest it in offshore accounts where it will do nobody in the working world one iota of good. Unfortunately, too many of the working Americans can't see through this ploy and still give Romney hope for his chance to become President. Some people will "cut off their nose to spite their face". If you don't know that that means, let me spell it out. Some voters will vote against their own interests simply to follow their "party line" even though they know it will not help them or the economy. "TRICKLE DOWN" ECONOMICS HAS NOT WORKED IN THE PAST AND IT WILL NOT WORK NOW. As the middle class declines so will business opportunity in the U.S..

[A_Canadian_Opinion]

If the US government was sitting on a huge surplus, then Romney's plan would make great sense. However, the US gov't owes something like $15,000,000,000,000 and it keeps going further in the hole. So, how in the heck is that debt ever going to get repaid if the rich keep getting tax cuts??? I really don't get the Republican plan. A US version of USSR 1991 is coming soon if the Republicans keep their power in the House. Or does the federal government just file for bankruptcy (along with all the state and municipal governments) and then keep going?

[dj_chi]

And Romney said the deficit would have to go UP if he wins! The "cut the spending" mantra has already been shelved by the GOP.

[sjc_1]

Mutt Robme paid less than 14% on over $20 million, but now he wants to cut taxes 20% more and double the deficit to over $2 trillion.

[dj_chi]

Romney has said the deficit would go UP if he's in charge. I'm not sure how that fits in with the GOP mantra of cutting the runaway spending! But then, since the GOP is ALREADY pushing to spend billions on a missile system that the Pentagon said they *don't* want and might not work, the "cut the spending" line is already forgotten as they get ready to step on the gas.

[sjc_1]

The CBO said that the deficit would double with Mutt's plan. He has NO way of paying for the tax cuts so the deficits go up. He would not say that, he does not say much of anything in detail.