FACT CHECK: Romney Would Raise Taxes on Middle Class Families To Pay For Tax Cuts For The Wealthy

Mitt Romney tonight said he wouldn’t raise taxes on middle class families, but we know that’s not true. As independent, non-partisan analysts have highlighted, to pay for his plan that would give $250,000 tax cuts to multi-millionaires and billionaires, Mitt Romney would have to cut popular tax deductions that middle class families rely on, like the mortgage interest and charitable deductions. Romney has promised to end tax cuts for college and families, raising taxes on 18 million working families. Paying for Romney’s tax cuts means the average middle class family with kids would see their taxes go up by $2,000 a year.

ROMNEY’S TAX PLAN WOULD RAISE TAXES ON THE MIDDLE CLASS TO PAY FOR TAX CUTS FOR THE WEALTHY

Reuters Headline: “Romney Tax Plan Helps Rich, Hurts Middle Class-Study.” [Reuters, 8/1/12]

Boston Globe Headline: “Mitt Romney’s Tax Plan Would Offer Big Cuts To Millionaires, Raise Taxes On Middle Class, Brookings Analysts Say.” [Boston Globe, 8/1/12]

Washington Post Editorial: The Tax Policy Center Found That Under The Romney Plan “Even If Every Loophole For The Top Brackets Were Closed, There Wouldn’t Be Enough Revenue. The Middle Class Would Have To Pay More.” “The Tax Policy Center (TPC), a joint venture of the Urban Institute and the Brookings Institution, examined Mr. Romney’s claim and found that, even if every loophole for the top brackets were closed, there wouldn’t be enough revenue. The middle class would have to pay more.” [Editorial, Washington Post, 8/21/12]

If Romney’s Tax Plan Was Paid For, Families With Kids Who Make Less Than $200,000 Would See An Average Tax Increase Of $2,041. [Tax Policy Center, On The Distributional Effects Of Base-Broadening Income Tax Reform, p. 18, 8/1/12]

If Romney’s Tax Plan Was Paid For, The Top 0.1% Would See An Average Tax Cut Of $246,652. [Tax Policy Center, On The Distributional Effects Of Base-Broadening Income Tax Reform, p. 19, 8/1/12]

ROMNEY’S TAX CUTS WOULD REQUIRE DEEP CUTS TO POPULAR TAX BENEFITS

Tax Policy Center: Assuming Romney Pays For His Tax Plan By Cutting Deductions Would Put On The Table Provisions Like Mortgage Interest, Child, And Charitable Contributions. From a Tax Policy Center analysis of Romney’s tax plan: “Given these assumptions, it may be useful to point out which tax expenditures we are assuming are ‘on the table’: employer provided health insurance and fringe benefits; the partial exclusion of social security benefits; above-the-line deductions like moving expenses; education-related benefits and tax credits; the deductions for medical expenses, state and local taxes, mortgage interest, and charitable contributions; child- and dependent-related tax credits like the child care credit, earned income tax credit, and child tax credit; and other items listed in the appendix.” [Tax Policy Center, On The Distributional Effects Of Base-Broadening Income Tax Reform, 8/1/12]