President Clinton Explains Mitt Romney's $5 Trillion Tax Cut

President Clinton explains Mitt Romney's $5 trillion tax cut and how middle class families with children will get an average tax increase of $2,000 to pay for $250,000 in tax cuts for multi-millionaires.

As President Clinton shares: "In the first debate, Governor Romney said that he wasn't really going to cut taxes on upper income people—he only wanted to cut taxes for middle class people. That's not true."

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Transcript:


[BILL CLINTON] In the debate Governor Romney said that he wasn't really going to cut taxes on upper income people, he only wanted to cut taxes for middle class people. But that's not true.

He says we should deal with the debt by, first of all, cutting revenues by $5 trillion more. Their idea is, step one, incur $5 trillion more debt.

They say, how you going to pay for that?

Well, we're going to pay for it by repealing all these tax exemptions, these loopholes.

All the analyses show, if you get rid of all of the home mortgage deductions and all the charitable deductions, you still won't close the debt hole, you still won't be closed.

And then Governor Romney says he doesn't have a tax cut for upper income people. But he does.

I know how this works, because I'm one of those folks. If I get Governor Romney's 20 percent income tax cut, you can take away my home mortgage deduction, my charitable deduction, my deduction for state and local taxes and any other tax deductions I have, and I will still get a tax cut.

The effect will be to give people with incomes over $3 million a $250,000 tax cut and raise tax cuts on middle income people by $2,000. We simply cannot afford to give another round of tax cuts to people who got the benefit of the tax cuts and the economic growth of the last decade. It hasn't worked before, and it won't work this time.

I plead with you: get out there and talk to people, for shared prosperity over trickle down, for we're all in this together over you're all on your own, for cooperation over conflict and for arithmetic over illusion.