The Romney tax plan has been undergoing heavy scrutiny in the past few days. The GOP presumed-nominee has been under fire as well after his overseas excursion that was intended to tout his foreign policy savvy.
The Obama campaign has been chomping at the bit to come up with a mechanism to communicate the pitfalls of the Romney tax plan for the middle class. It’s clear that both candidates are attempting to sell themselves as middle-class defenders but the numbers don’t reflect that to be the case.
Today the Obama campaign released a tool on their website that allows Americans to compare the effects of the Romney tax plan against the Obama tax plan. Users are invited to enter their estimated household income. Then, they select a filing status, either joint or separate, and a number of dependents.
Once users have entered their information, the page shows continued tax savings under Obama’s tax plan if Congress adopts it, your tax savings over the past 4 years, and the tax increase under the Romney tax plan in 2013.
Below your savings and costs, look at average American savings and costs associated with the tax plan of both candidates.
The algorithm is based on research performed by the nonpartisan Tax Policy Center who released a study yesterday on Romney’s proposed tax plan. The study showed cuts for the top 5% of earners who passed the tax burden down to middle and lower class individuals and families.
In addition to the tax estimation tool released on barackobama.com, the Obama campaign released this video discussing Romney’s tax rate and his tax plan’s effects on middle class families:
[youtube http://www.youtube.com/watch?v=r1D1jI61ckY]
Watch, read, learn, and decide for yourself which candidate’s plan will work better for you. The fight will certainly continue as both candidates attempt to appear as middle-class average Joes going to fight against government for the rest of us.
Find the tax calculator here: http://www.barackobama.com/tax-calculator