Obama Attacks Romney Tax Plan with New ?Study?

President Barack Obama campaigned in Ohio Wednesday on the same day as the Tax Policy Center released a new report. The Associated Press reports Obama claims Mitt Romney's economic plan would give tax cuts to richest Americans while everyone else pays more. The Romney campaign disputed this idea.

Why is Obama using this report to attack Romney?

Obama is using the rhetoric to gain support in swing states such as Ohio, according to Reuters. He appealed to voters asking them, "Who gets the bill for these $250,000 cuts? You do." Ohio is one of 10 crucial states both candidates need to secure for a victory in November's general election.

What does the new study say?

The work, entitled "On the Distributional Effects of Base-broadening Income Tax Reform ," says even the most progressive income tax brackets available in the Romney plan will force middle class Americans to pay more taxes. Reducing tax rates, eliminating the alternative minimum tax (AMT) and keeping tax incentives for investment savings all lead to more money for the wealthiest Americans. The presumptive GOP nominee also wants to reduce tax rates by 20 percent overall.

Why did Romney respond to the study?

The report mentions Romney's name 14 times. Yet Obama's name, nor his title, are mentioned at all. The study proclaims even with lower tax rates, Romney's plan would increase the burden on everyone making less than $200,000 because those taxpayers don't get as many tax breaks.

What do the numbers say?

In Romney's plan, a "revenue neutral" income tax for those making over $1 million would result in an additional $87,000 per year of income. Those making $100,000 to $200,000 per year would pay an additional $1,339 of income taxes. Anyone making between $30,000 and $50,000 per year would pay an extra $431.

Why is the study a political issue?

USA Today cites Romney campaign staffers who note the authors have political ties to Democrats. Adam Looney was a member of Obama's White House Council of Economic Advisers in 2009 through 2010. William Gale was part of the Treasury Department's Fiscal Responsibility Summit in 2009 led by Secretary Timothy Geithner. Samuel Brown, the third and final author of the study, worked for the Federal Reserve Board. Looney and Gale have Doctorates.

Were any authors associated with Republicans?

Gale served as a senior staff economist on the President's Council of Economic Advisers from 1991 to 1992. That time period was the middle of George H.W. Bush's presidency. Brown was with the Federal Reserve Board from 2006 to 2010 as a research assistant while in college. Part of that time was during the George W. Bush administration.

William Browning is a research librarian specializing in U.S. politics.

Source: http://news.yahoo.com/obama-attacks-romney-tax-plan-study-171800213.html

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