Fact check: Yes, Obama's ad on Romney tax plan correct | Arkansas Blog

Friday, July 13, 2012

Fact check: Yes, Obama's ad on Romney tax plan correct

Posted By on Fri, Jul 13, 2012 at 11:45 AM

In case you missed it, the New York Times this week fact-checked an Obama TV ad hitting Mitt Romney's tax plan.

Key elements:

One of the ad’s main claims — that Mr. Romney’s plan would raise taxes for 18 million working families — is accurate, according to data from the nonpartisan Urban-Brookings Tax Policy Center. Assuming the extension of the Bush-era tax cuts and alternative minimum tax relief, those taxpayers who would see their federal tax bills rise under the Romney plan (almost 11 percent of all filers) would have an average increase of $885, the center found. The overwhelming number of people in this category make less than $50,000, and they would see tax increases under the Romney plan because of the expiration of three provisions passed in 2009, including the expansion of the earned-income tax credit.

And the rich, you ask?

The ad’s other main claim — that “millionaires” would get a 25 percent cut in their average tax rate — is also accurate, the data suggests. According to Roberton Williams, senior fellow at the Urban-Brookings center, the average federal tax rate on incomes over $1 million would fall to 23.3 percent from 31.4 percent under the Romney plan, a roughly one-quarter decline. (Mr. Williams emphasized that the Romney campaign has also promised to broaden the tax base but has not said how it would do this, making it impossible to fully analyze their plan.) As for the Obama plan, he said that middle-class taxes would not change while wealthier taxpayers would pay more.

Somebody's gotta pay to help the job creators. If not in increased taxes, in a reduction in health care coverage. Be of good cheer. A trickle-upon will follow.

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