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PolitiFact Checks Obama’s statement on Romney’s tax plan

Mitt Romney would cut millionaires’ taxes, Barack Obama says

“But to make Romney’s plan revenue neutral, deductions would also have to be removed for people with incomes below $200,000, and the effects of that would be significant, the study found. In fact, the elimination of the deductions would mean outright tax increases for everyone with incomes below $200,000. People with taxable income between $50,000 and $75,000, for example, would see an average net tax increase of $641. They’d save $984 from Romney’s rate cut, but lose $2,672 in write-offs.

The authors specifically noted that taxpayers with children whose income is below $200,000 would see their taxes go up by an average of $2,041 — the figure highlighted in Obama’s ad.

The reason for the increase is that the most popular tax breaks heavily benefit middle- and lower-income families, the 95 percent of the population earning less than $200,000 who carry mortgage debt and use employer-provided health insurance.”

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