News24

Obama brands Romney 'Robin Hood in reverse'

2012-08-07 11:07

Stamford - US President Barack Obama joked on Monday that his election foe Mitt Romney's tax plans would rob from the middle class to help the rich - "like Robin Hood in reverse".

Obama intensified his attacks on the Republican's tax reform plans at a fundraising event in Connecticut, on a day when it was revealed his rival outraised him by $25m last month in campaign fundraising.

"It's like Robin Hood in reverse.... it's Romney Hood," Obama said, arguing that the middle class would bear the brunt of his opponent's plans which he said would mostly benefit the wealthy.

"If this sounds like an idea that's difficult to explain or sell to the American people, you would be right," Obama said.

"They have tried to sell us this trickle down, tax cut fairy dust before."

In an attack ad running in battleground states, Obama says Romney would hike taxes on families with children by $2 000 to pay for his $5 trillion tax plan that the Democrat incumbent says would mostly benefit the wealthy.

20% tax rate cut

An independent panel affiliated with the Brookings Institution said last week that Romney's plan to lower rates and maintain tax breaks would spell "large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers".

Romney has proposed cutting income tax rates by 20%, eliminating tax on investment income, eliminating the estate tax, and cutting the corporate tax rate.

To offset the $360bn in lost revenues, the study said the government would be forced to end some tax benefits, a move that would proportionally hurt those with lower incomes.

Romney's campaign dismissed the study, describing its authors as partisan and saying it considered only half of Romney's tax platform.

The Republican presumptive nominee announced on Monday that he had raised $101m for his campaign in July, compared to Obama's total of just over $75m.

Comments
  • betsy.dorris - 2012-08-07 12:23

    Romney Hood. Funny.

  • james.rossouw - 2012-08-07 12:56

    BO [smells] is a Aff Action "Student", Comm organizer, Part time Lecturer, El Presidente.

  • fidel.mgoqi - 2012-08-07 13:14

    The Republicans are liars. The Democrats are deceivers. You are both wolves dressed in sheep's wool!

  • sean.murphy.165 - 2012-08-07 13:16

    So What! Obama's brand of socialism will take what the rich worked for and give it to people who did not work for it and do not deserve it. What is worse. Pretty soon the rich are going to stop working as well and then there will be nothing.

      fidel.mgoqi - 2012-08-07 14:03

      What kind of system is that! One where the rich tell you the system is working while the poor see the opposite! That is unsustainable.

  • allcoveredinNinjas - 2012-08-07 13:54

    End of the day , income tax should be abolished. Corporate tax ,transaction tax ect should provide the revenues neccessary and parameters of Govt spending . Problems with socialist policies in this regard is the high degree of inflexability to change (ie: austerity) and bloated govts unable to curb spending and the financial crisis we find the world in now (sovereign debt crisis). You should not be subject to state debt as well as being in perpetual debt when you are born . Progessive tax rates only serve to widen the inequality in income and fuel the 'class war'.

  • cvh23 - 2012-08-12 22:52

    I don't believe in left/right politics. I am a libertarian and believe that individual freedom and liberty trumps all other causes. I don't believe that politics can solve any serious problem. I don't believe a self respecting person can support or vote for the 'lesser of two evils', whether its Obama or Romney. there is no difference. its the presidential reality show. no self respecting person can associate with the lesser of two evils this explains it: http://www.news24.com/MyNews24/The-world-tomorrow-20120725

  • cvh23 - 2012-08-13 09:33

    "10,000+ ROMNEYRYAN RALLY IN WI: GC: Romney/Ryan, Obama/Biden, Bieber/Kardashian, how can adults believe and cheer 4 these 2-bit freak shows?" Gerald Celente

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