Barack Obama, Tax Plan | featured news

Mitt Romney's budget plan would significantly raise income taxes for many families making between $100,000 and $200,000, analyses by leading Republican economists cited by the Romney campaign show.

“Chances are you pay a higher tax rate than him [Mitt Romney]….Mitt Romney made $20 million in 2010 but paid only 14 percent in taxes…probably less than you. Now he has a plan that would give millionaires another tax break. And raises taxes on middle class families by up to two thousand dollars a year.” We hold campaign ads to a high standard, particularly attack ads. If Romney releases the missing details, and a new analysis finds that Romney can meet the stated goals of his tax plan, then we can certainly revisit this analysis. But, until then, for the first time in this frequently nasty campaign, we award a rare Geppetto Checkmark for a campaign ad.

President Obama's latest television ad hits Mitt Romney over his tax cut plans, saying they will lead to tax hikes for the middle class.

To see where the presidential candidates stand on taxing the rich, just look at how they'd tax themselves. To see where the presidential candidates stand on taxing the rich, just look at how they'd tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama's tax plan. For a man of Romney's means, that could save almost $5 million a year.