Elections 2012: New Obama Ad Knocks Romney for Plan to Raise Taxes on Middle Class [Video]

The ad “Stretch,” takes a personal dig at Mitt Romney’s own tax history, informing the viewer that Romney earned $20 million in 2010 but paid a rate of 14 percent – “probably less than you.”

A new ad from President Barack Obama’s campaign hits presumptive Republican presidential nominee Mitt Romney two ways on taxes, suggesting that the former Massachusetts governor’s tax plan is just a way to help line his own pockets.

The ad, titled “Stretch,” takes a personal dig at Romney’s own tax history, informing the viewer that Romney earned $20 million in 2010 but paid a rate of 14 percent — “probably less than you,” writes The Huff Post.

“You work hard, stretch every penny, but chances are you pay a higher tax rate than him: Mitt Romney made $20 million dollars in 2010, but paid only 14 percent in taxes—probably less than you,” the narrator says.

According to The Washington Post, then the ad argues that the candidate’s tax plan would lower rates for millionaires like Romney while raising taxes on the middle class.

“Now he has a plan that will give millionaires another tax break and raises taxes on middle class families by up to $2,000 a year,” the narrator says. “Mitt Romney’s middle class tax increase: he pays less, you pay more.”

The ad will air in eight key swing states: New Hampshire, North Carolina, Florida, Virginia, Ohio, Iowa, Colorado and Nevada.

The commercial pivots to an independent study released by the Tax Policy Center on Wednesday, which concluded that Romney’s tax plan would primarily help the wealthiest few.

The Obama campaign immediately seized on the analysis to drive home a central message to its 2012 platform — that while the president’s focus is on middle class fairness and giving all Americans a fair shot, Romney would disproportionately protect the interests of the rich.

CNN reports that President Obama on Wednesday made his ninth campaign trip this year to the Buckeye State to attack Republican rival Mitt Romney’s tax plan as unfair to middle-class Americans.

“He’s asking you to pay more so people like him can get a big tax cut,” Obama told more than 2,000 supporters in Mansfield, the first of two Ohio stops Wednesday. “We do not need more tax cuts for folks who are already doing really well.”

However, Romney’s campaign challenged the veracity of the study and blamed the president’s economic policies for a still-lagging economy.

“President Obama continues to tout liberal studies calling for more tax hikes and more government spending,” Romney spokesman Ryan Williams said in a statement. “We’ve been down that road before — and it’s led us to 41 straight months of unemployment above 8%.”

Obama also  made his rival’s personal millions a front-and-center issue in the race for the White House on Wednesday, telling a swing-state audience that Mitt Romney “is asking you to pay more so that people like him can get a big tax cut,” according to Yahoo report.

“In order to afford just one $250,000 tax cut for somebody like Mr. Romney, 125 families like yours would have to pay another $2,000 in taxes each and every year,” Obama said, citing a report that his opponent’s aides immediately denounced as deeply flawed.

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