[FACTCHECK] Romney’s Tax Plan [video]

Barack Obama says Mitt Romney’s tax plan “would cut taxes for the folks at the very top”

After a flurry of attack ads in the past two weeks, President Barack Obama this week released a TV ad in which he spoke directly into the camera and discussed how his policy approaches differed from Mitt Romney’s. He cited taxes as one area where they had different philosophies. Obama said, “Gov. Romney’s plan would cut taxes for the folks at the very top.”

We’ll check whether this is an accurate characterization of Romney’s plan.

Romney has posted some key elements of his tax plan on his campaign website. Here’s a summary of the provisions for individual taxpayers:

• Cut marginal rates by one-fifth on a permanent, across-the-board basis
• Eliminate interest, dividend, and capital gains taxes for taxpayers with an adjusted gross income below $200,000
• Eliminate the estate tax
• Repeal the Alternative Minimum Tax

To analyze the Romney tax cut, we turned to the Urban Institute-Brookings Institution Tax Policy Center, an independent think tank that evaluates the tax proposals submitted by presidential candidates. The Tax Policy Center looked at two versions of Romney’s tax proposal. We will use the analysis of the more recent of Romney’s two plans, which the group published in March 2012.

Read more…


3 Comments to “[FACTCHECK] Romney’s Tax Plan [video]”

  1. Interesting final summary by Fact Check.

  2. While PolitiFacts gives Obama a good grade, it seems they don’t put his tax comment into appropriate context. Obama never has said Romney was only giving tax breaks to the rich. I think what Obama has consistently said is that massive taxes are cut off the top to the detriment of programs that benefit the working class. Unlike Romney, he’s tyring to clarify and is not running from the substantive choice – trickle down versus government investments in the American people.

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