CHRISTIE: Stop lying Mr. President.
CHRISTIE: Yeah . . . Gov. Romney’s not talking about more tax cuts for the wealthy. In fact, what he said is that the wealthy will pay just as much under a Romney administration as they pay today.
Romney may not be “talking” about how his plan reduces taxes on the very rich, but it is simply false to claim that it does not. The Romney income tax plan works in two parts. First, he calls for an “across-the-board 20 percent cut in marginal rates.” In addition, Romney supports eliminating unspecified tax deductions and other loopholes which, he claims, will add as much to the wealthy’s tax burden as his rate reductions will take away. Romney also says his plan will be “revenue neutral,” meaning that the amount of money lost by reducing rates will be identical to the amount gained by closing loopholes.
Unfortunately, this plan is mathematically impossible.
As a report by the Tax Policy Center demonstrated last month, even if Romney were to eliminate every single tax loophole benefiting the wealthy, there simply are not enough of them to keep the richest taxpayers from paying substantially less under Romney’s plan. Indeed, the average taxpayer who earns over $1 million per year would receive a tax cut of over $87,000 under Romney’s plan. So when Christie suggests that “the wealthy will pay just as much under a Romney administration as they pay today,” he is not telling the truth.
Meanwhile, middle class families will bear the cost of these tax cuts for the very rich. According to the same Tax Policy Center report, Romney’s plan will pay for its tax cuts for upper income earners through substantial tax hikes on families earning less than $200,000 a year — many of whom would need to lose common tax benefits such as the mortgage interest tax deduction or the child tax credit in order for Romney’s plan to be revenue neutral. The average family with children earning less than $200,000 a year will see their taxes increase by $2,041 under the Romney tax plan:
So regardless of what Romney may say his Reverse Robin Hood tax plan does on the campaign trail, what it actually does is take money away from middle class Americans and give it to the wealthiest few.