DNC Chair Debbie Wasserman Schultz released the following statement today on a new report released by the nonpartisan Tax Policy Center, which concluded that the $5 trillion in budget-busting tax cuts skewed to millionaires and billionaires contained in Mitt Romney’s tax plan would have to be paid for by hiking taxes on the middle class:
“Today, nonpartisan tax experts confirmed what Mitt Romney’s tax plan is really all about: raising taxes on the middle class – to the tune of a $2,000 hike on the average middle-class family with children – to pay for another tax cut for the wealthiest few in this country. Rather than actually asking millionaires and billionaires to pay their fair share – as the President has done – so that we can reduce our deficit in a balanced way, Romney would prefer that we just force millions of hardworking families to pick up the tab for the budget-busting tax breaks contained in his plan. We’ve tried that same failed formula for the past decade, and it brought our economy to its knees while punishing the middle class.
“President Obama understands that. That’s why he has already cut taxes for the typical American family by $3,600 since taking office. And it’s why he has called on Congress to take immediate action by passing his plan to prevent a tax hike on the middle class. That same plan would responsibly cut our deficit by more than $4 trillion through spending cuts and reforms that ensure everyone is paying their fair share, while still making critical investments that grow our economy and strengthen our nation’s middle class.
“Clearly, the contrast in this election could not possibly be greater. Mitt Romney believes in an economic vision that would drag our country backward – one that works only for the wealthiest Americans while asking the rest of us to foot the bill. But President Obama knows that we need to build our economy from the middle class out if we’re going to move America forward – and that’s the vision he will continue to fight for as president.”