Mitt Romney wants to protect tax loopholes and give millionaires like himself trillions of dollars in tax breaks. Billionaire Warren Buffett thinks it's wrong that the current tax system allows him to pay a lower tax rate than his secretary. President Obama agrees with Mr. Buffett, that’s why he is fighting to pass the Buffett Rule.
The Buffett rule is simple: if you make more than $1 million a year, you should pay at least the same tax rate as middle-class families. And if you make less than $250,000 a year—like 98% of American families—your taxes shouldn’t go up.
The current tax system allows millionaires and Wall Street investors to take advantage of special loopholes and tax breaks. In fact, thousands of millionaires and billionaires pay no income tax at all. Romney’s plans would make it even worse.
Governor Romney has proposed $5 trillion in additional tax cuts over the next decade, over and above the cost of extending the Bush tax cuts, while 18 million working families—including 630,000 here in Pennsylvania’s—would see their taxes increase by an average of $900.
How would Mitt Romney pay for massive tax cuts? Either drive up the deficit, make deep cuts in middle-class programs, or both. Check out how his cuts would affect Pennsylvanians.