A new study by the Tax Policy Center claims that Mitt Romney’s economic plan would either raise taxes on the middle class in order to pay for more tax cuts for the wealthy, or close undisclosed tax loopholes to pay for more tax cuts for the wealthy.
The Tax Policy Center study says that a full analysis isn't possible because “certain components of his plan are not specified in sufficient detail," reports the Washington Post.
In other words, Romney's plan lacks details on which loopholes he would cut. Some have suggested Romney would cut a loophole for working families, such as the Earned Income Tax Credit.
President Obama jumped on the news on Thursday, mocking Romney’s “fairy dust” tax cuts that would benefit the rich.
In a new ad, airing in battleground states, the Obama camapign said Romney would hike taxes on families with children by $2,000 to pay for his $5 trillion tax plan to benefit the wealthy.
The ad says: “You work hard, stretch every penny, but chances are you pay a higher tax rate than him,” as a picture of a smiling Romney flashes on the screen.
“Mitt Romney made $20 million in 2010 but paid only 14 percent in taxes, probably less than you, he pays less. You pay more.”
Obama based his ad on a survey released by The Brookings Institution.