President releases new tax plan
President Obama released his new tax plan on Monday and Republican candidate Mitt Romney spent his day on the campaign trail attacking the president's plan. This follows a weekend in which Romney pulled in some big donations over the weekend on Long Island. Josh Robin has more.
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UNITED STATES -- The President used the ageless debate over taxes for two modern messages Monday.
Taxes will go up for just about everyone in January. Obama wants to hold levels where they are for families making $250,000 a year or less. Those richer would see their rates jump to Clinton-era levels.
"We’ve got this huge deficit, and everybody agrees that we need to do something about these deficits and these debts. So the money we’re spending on these tax cuts for the wealthy is a major driver of our deficit," Obama said.
This being an election year, political strategy is also at play. Obama is using taxes to continue framing the election as a choice between protecting the middle class or coddling the rich.
"Right now, our top priority has to be giving middle-class families and small businesses the security they deserve. You’re the ones who are driving this recovery forward," Obama said.
But Mitt Romney says the President is driving the economy off a cliff by keeping taxes high.
"Almost half a million fewer Americans are working today than the day Barack Obama took office and we've just come through the worst job creation quarter in two years," his campaign said in a statement. "Unlike President Obama, Governor Romney understands that the last thing we need to do in this economy is raise taxes on anyone."
Meanwhile, the Republican hauled in millions of dollars in donations on Long Island this weekend and reported out raising Obama during the last two months.
To make sure that his pitch to middle class voters is getting through, the President is also dispatching surrogates. They're seizing on the fact that Mitt Romney has only released two years of tax return information.
Even Romney's limited disclosures have launched a thousand Democratic attacks. He may keep millions in foreign banks, including such tax havens as the Cayman Islands.
Representative Carolyn Maloney said, "So what we're asking is explain to us what these accounts do to invest and believe and grow America!"
Romney's camp says he pays all of his taxes.