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President Obama's Middle Class Tax Hike

By National Review, National Review - October 3, 2012

Democrats have been saying — or, in the case of Joe Biden, trying to say — that Mitt Romney plans to raise taxes on the middle class. This claim is flatly untrue. The word “lie” probably is thrown around too casually in our politics, but this qualifies. Romney has no such plan, has forsworn taking such a course of action, and has in fact proposed to cut tax rates for the middle class — and everybody else who pays the federal income tax — by reducing all brackets by 20 percent.

Romney’s plan would be revenue-neutral, making up for forgone tax revenue by eliminating certain exemptions and deductions. How many and which of those deductions would need to be reduced or eliminated would be determined by the economic facts on the ground come January: If the economy is growing more quickly than expected, then fewer offsets will be required to keep tax revenue level. Romney has been nothing if not consistent in his guiding principles for tax reform: lower rates and fewer deductions, producing a system that is fairer and flatter.

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