Conservatives counter by saying Romney’s tax plan will boost the economy and create jobs, allowing people to get off government subsistence.
Bob Sanchez, of the conservative Florida-based James Madison Institute, said Romney’s tax cuts are modeled after Ronald Reagan’s tax reform, which led to economic growth in the late 1980s. That economic growth helped boost revenue, and has helped advance the Republican argument that reducing taxes is good for the economy.
But several experts say it’s unlikely that economic growth can make up a large enough impact to offset the revenue losses.
As a result, Romney’s tax plan could produce a $86 billion tax shift from higher-income earners to lower- and middle-income earners, the Tax Policy Center report states.
Those earning $1 million or more would get an average tax cut of at least $87,000 and those who make more than $200,000 would get a tax cut of at least $1,800. All others would see their taxes go up. Those earning between $75,000 and $100,000 face increases of $884 and those earning $100,000 to $200,000 would see increases of $1,339.
As Obama makes yet another campaign stop in Florida on Thursday, his campaign’s policy paper offers a hint at what he might say:
“Romney’s plan threatens to raise taxes on hundreds of thousands of middle class Floridians in order to pay for tax breaks for the wealthiest Americans.”
Florida Senator Marco Rubio will be available in Orlando to represent Romney and push back at the Obama message. A political adviser to Rubio and Romney, Alberto Martinez, said Obama isn’t talking about the real world and he’s running from his tax-raising record.
“What is not theoretical is that a review of President Obama’s record suggests he is the last person to be challenging anyone on economic or tax policies,” Martinez said.