President Obama sums it up.

"And yet, the centerpiece of my opponent's entire economic plan is a new, $5 trillion tax cut. A lot of this tax cut would go to the wealthiest 1 percent of all households. Folks making more than $3 million a year -- the top one-tenth of one percent -- would get a tax cut worth almost a quarter of a million dollars. A quarter of a million dollars," Obama will say later in Mansfield, Ohio, according to remarks released by his campaign.
"But it gets worse. Under my opponent's plan, guess who gets the bill for these $250,000 tax cuts? You do. And you don’t have to take my word for it," he will say. "Just today, an independent, non-partisan organization ran all the numbers. And they found that if Governor Romney wants to keep his word and pay for his plan, he'd have to cut tax breaks that middle-class families depend on to pay for your home, or your health care, or send your kids to college. That means the average middle-class family with children would be hit with a tax increase of more than $2,000."

"But here's the thing –- he's not asking you to contribute more to pay down the deficit, or to invest in our kids' education. He's asking you to pay more so that people like him can get a tax cut."

"centerpiece of the entire economic plan" Please. It is a little more complicated than that.

And it would increase taxes on lower income people? That is a guess at best.

Obama claimed to not raise taxes on those earning under 250K, if you don't count ACA.
That legislation has regressive taxes all over the place on it. A tanning tax?

Soulshiner wrote: "But here's the thing –- he's not asking you to contribute more to pay down the deficit, or to invest in our kids' education. He's asking you to pay more so that people like him can get a tax cut."

How much would the top 1% have to "contribute" to get past the 1.6 trillion dollar deficit just this year and be able to actually pay down the debt?

Somebody needs to stop spending.

i read that "independent report". It's full of lies- but even the report (propaganda) itself only claims that the middle class would pay $600 a year more.

Somehow Obama added another $1,400!!

The report was nothing more than leftist propaganda aimed to support a socialist president who is becoming increasingly desperate to hold on to power- so he can proceed to completely destroy the US economy- or what little is left of it.

Here's the truth.....

A recent economic study by independent accounting firm Ernst and Young showed that small business job creation would be hindered by the President's proposal to raise taxes on nearly a million small companies, costing more than 700,000 jobs.

What will this do to the middle class?

It's not just future jobs at stake for next year.

Many small businesses are already holding back on investing in their businesses now. In a small business poll released this week by lender TD Bank, the majority of small businesses said they're holding back on adding more employees in the coming months because of concerns about the economy, even as some report that they are understaffed.

Small businesses make future hiring decisions based on current and future tax policy, but they're handicapped by the uncertain tax landscape.

Congressional Democrats and Obama appear to be satisfied to let small business men and women sweat it out.

And Obama complains about Romney- it's laughable.

Here- you want to read about the truth- try educating yourself a little instead of spreading propaganda.
http://finance.yahoo.com/news/stop-tax-hike-small-business-151733726.html

BearMtnHIB wrote: The report was nothing more than leftist propaganda aimed to support a socialist president who is becoming increasingly desperate to hold on to power- so he can proceed to completely destroy the US economy- or what little is left of it.

...not to mention completely destroying the Constitution.