Obama mocks Romney's "trickle-down, tax cut fairy dust" plan

President Barack Obama speaks at a campaign event at Rollins College, Thursday, Aug. 2, 2012 in Orlando, Fla. Obama is campaigning in Florida and Northern Virginia today.
AP Photo/Pablo Martinez Monsivais
AP Photo/Pablo Martinez Monsivais

(CBS News) President Obama on Thursday once again slammed Mitt Romney for his budget proposal, telling supporters at an Orlando, Fla., campaign event that Republicans "have tried to sell us this trickle-down, tax cut fairy dust before."

"Guess what," the president said, "it didn't work then; it will not work now."

The president has seized on a new report from the Tax Policy Center, which concludes that in order to enact his proposed tax cuts without adding to the deficit, middle- and lower-income households would end up paying more in taxes while the rich would benefit. On the campaign trail, Mr. Obama has charged that Romney is running for president so "people like him" can pay less in taxes.

The Romney campaign has blasted the report, taking issue with its methodology as well as its authorship, pointing out that one of the authors once worked for the Obama administration.

Mr. Obama today, however, pointed out that a second author of the report previously worked for the Bush administration. He also mocked the Romney campaign for complaining about the methodology.

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The report, the Romney campaign has said, doesn't take into account the economic growth that should come from enacting elements of Romney's plan, like more tax cuts.

"Because we all know how well that worked out the last time we tried it," Mr. Obama said dryly. "Look, Orlando, we know better."

Romney's plan, he said, "is not a plan to create jobs, it is not a plan to reduce the deficit... [or] move our economy forward. We do not need more tax cuts for folks who have done very, very well. We need more tax cuts for working Americans."

Mr. Obama told the crowd that if your income is under $250,000 a year, "you won't see your income taxes increase by a single dime next year" if he is re-elected. "If you're fortunate enough to be in the other 2 percent of Americans," he continued, "all we're asking is that you contribute a little bit more."

(Fla. crowd sings "Happy Birthday" to President Obama.)

The president opened the campaign event on a light-hearted note, reminding his supporters that his birthday is coming up.

"I'm gonna be 51 on Saturday -- Michelle says I look 50," he said, eliciting laughs. The crowd started singing him "Happy Birthday" (watch at left), after which the president said, "A win in Florida wouldn't be a bad birthday present."