WHICH MITT: ROMNEY SAYS HE’S A FRIEND OF WORKERS AND NOT THE RICH BUT HIS POLICIES TELL A DIFFERENT STORY

In New Hampshire today, Romney said, "Look, I'm not running for the rich people. Rich people can take care of themselves, alright. They're doing just fine. I'm running for middle-class Americans.” But, Democratic National Committee press secretary Melanie Roussell responded "Mitt Romney's policies tell a different story than his rhetoric. His economic plan would do next to nothing for middle-class families, but would give huge tax breaks to the wealthiest and corporations. So which Mitt is the real Mitt Romney?"



Romney’s economic plan would cut taxes on corporations and the wealthiest Americans and do almost nothing for the middle class



Romney Would Keep The Bush Tax Cuts For The Wealthiest Americans. “Mr. Romney said he would keep the Bush-era income-tax cuts unchanged. Mr. Obama wants the cuts, which were set to expire this year, to disappear for the wealthiest taxpayers.” [Wall Street Journal, 9/6/11]



· Extending The Bush Tax Cuts For The Top 2 Percent Would Add $700 Billion To The Deficit. [OMB, The Budget for FY2012, Table S-2, pg. 173]



Romney Called For Lowering The Corporate Income Tax Rate To 25% From The Current 35% Though Tax Breaks Allow Many US Companies To Pay Little Or No Corporate Tax. “Mr. Romney called for lowering the corporate income tax to 25% from the current 35%. That rate is high compared with other advanced economies, but tax breaks allow many U.S. companies to pay little or no corporate tax. Mr. Romney said a lower rate would encourage companies to keep more operations within the U.S.” [Wall Street Journal, 9/6/11]



· Cutting the Corporate Tax Rate To 25 Percent Would Cost $915.5 Billion. [Analysis of the Paul Ryan Budget Plan, Tax Policy Center, 4/7/11]



Romney Would Eliminate The Estate Tax. Romney “would seek a balanced budget amendment to the Constitution, cut non-security discretionary spending by 5 percent, eliminate the estate tax and undo the 2010 health care overhaul championed by President Barack Obama.” [AP, 9/6/11]



· Eliminating The Estate Tax Would Cost $178 Billion. The CBO/JCT estimates Mitt Romney’s proposal on the estate tax would cost $178 billion. [CBO, “Reducing the Deficit: Spending and Revenue Options, March 2011]



Romney Said He Would Eliminate Capital Gains For People Making Less Than $200,000 But Most Capital-Gains Are Paid By The Richest Americans And The Romney Campaign Didn’t Offer An Impact Estimate. “He would eliminate taxes on interest, dividends and capital gains for people making less than $200,000 a year. A campaign spokeswoman declined to offer estimates of the proposal's budget impact ‘because they are still being refined and finalized.’ Most capital-gains taxes are paid by the richest Americans, and Democrats said Mr. Romney's plan would have scant effect.” [Wall Street Journal, 9/6/11]



· Romney’s Plan To Allow Those Earning $200,000 To Save Their Money From Interest, Dividends Or Capital Gains Would Equate An Average Benefit Of $70 A Year. “On a more substantive note, Romney’s plan to help ‘the great middle class’ is to allow those ‘earning $200,000 a year and less ought to be able to save their money tax-free, no tax on interest, dividends, or capital gains.’ And how much would that benefit the average, middle-income earner? About $70 a year. No, that’s not a typo. Romney wants to give massive tax breaks to the wealthy and corporations, but his idea of boosting the middle class is a tax break that hardly matters at all.” [Washington Monthly, 9/22/11]

· Tax Policy Center: Romney’s Cut To Capital Gains For People Who Earn $200,000 Or Less Is “A Bit Of An Odd Way To Do It” Because It Would Effect A Small Number Of People – “It Is A Sort Of A Political Have Your Cake And Eat It Too.” “As a part of what Romney calls his ‘Middle Class Tax Savings Plan,’ the former Massachusetts governor said he would eliminate taxes on capital gains and dividends for people who earn less than $200,000. Joe Rosenberg, a research associate with the non-partisan Tax Policy Center, said cutting investment income taxes only for people making less than $200,000 is ‘a bit of an odd way to do it’ because such a small number of people at or below that income level bring in much money from capital gains or dividends. ‘It is sort of a political have your cake and eat it, too,’ Rosenberg said. ‘You’re not going to propose something extreme such as eliminating all capital gains and dividends, but you will throw it out there as a signal that you’re sympathetic to that point of view.’” [ABC, 9/12/11]

· Citizens For Tax Justice Director Criticized Romney’s Plan Saying “For People Earning Below $100,000, Cutting The Tax Rate On Interest, Dividends, And Capital Gains Means Almost Nothing.” “‘For people earning below $100,000, cutting the tax rate on interest, dividends, and capital gains means almost nothing,’ said Robert S. McIntyre, director of Citizens for Tax Justice. ‘For those people earning between $100,000 and $200,000, you might be talking several hundred dollars in tax savings. Then, the question is, does he really have a plan that cuts off exactly at $200,000? That would be nuts - the person who makes $200,001 would be kind of angry.’” [Boston Globe, 9/8/07]