Obama slams ‘Romney Hood’ on tax
07 August 2012
Posted by: SAIT Technical
By SAPA-AFP (Business Report)
Stamford, Connecticut - United States President Barack Obama joked on Monday that his election rival Mitt Romney's tax plans would rob from the middle class to help the rich - "like Robin Hood in reverse”.
Obama intensified his attacks on the Republican's tax reform plans at a fundraising event in Connecticut, on a day when it was revealed his rival outraised him by $25-million last month in campaign fundraising.
"It's like Robin Hood in reverse... It's Romney Hood,” Obama said, arguing that the middle class would bear the brunt of his opponent's plans which he said would mostly benefit the wealthy.
"If this sounds like an idea that's difficult to explain or sell to the American people, you would be right,” Obama said.
"They have tried to sell us this trickle down, tax cut fairy dust before.”
In an attack ad running in battleground states, Obama says Romney would hike taxes on families with children by $2 000 to pay for his $5-trillion tax plan that the Democrat incumbent says would mostly benefit the wealthy.
An independent panel affiliated with the Brookings Institution said last week that Romney's plan to lower rates and maintain tax breaks would spell "large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers”.
Romney has proposed cutting income tax rates by 20 percent, eliminating tax on investment income, eliminating the estate tax, and cutting the corporate tax rate.
To offset the $360-billion in lost revenues, the study said the government would be forced to end some tax benefits, a move that would proportionally hurt those with lower incomes.
Romney's campaign dismissed the study, describing its authors as partisan and saying it considered only half of Romney's tax platform.
The Republican presumptive nominee announced on Monday that he had raised $101-million for his campaign in July, compared to Obama's total of just over $75-million.