President Obama has cut middle class taxes while asking the wealthiest to pay their fair share. On the stump, President Obama pointed out that Mitt Romney would have paid less than 1% in taxes under Paul Ryan’s economic plan, “A Roadmap for America’s Future”:

The centerpiece of Gov. Romney’s entire economic plan is a new, $5 trillion tax cut, a lot of it going to folks like me, a lot of it going to the wealthiest Americans. His new running mate, Rep. Ryan, put forward a plan that would let Gov. Romney pay less than 1 percent in taxes each year. That’s a pretty good deal—just paying one percent in taxes, you’re making millions of dollars. Now here’s the kicker: They expect you to pick up the tab. Gov. Romney’s tax plan would actually raise taxes on middle-class families with children by an average of $2,000. Now this is not my analysis. This is the analysis of independent economists whose jobs it is to analyze these plans. Every media outlet’s checked on the numbers here, and their estimate is that it would cost you an extra $2000—not to grow the economy, not to reduce the deficit, not to make sure that our schools are working well or we’re building roads or we’re strengthening the middle class—all this would be just to give another tax cut to folks like Gov. Romney.
—President Obama, Rochester, NH, 8/18/12