STAMFORD, Conn. — President Barack Obama called out Mitt Romney’s plan for a $5 trillion tax cut during a fundraiser in Stamford Monday, saying such a reduction would take from the middle class to help those who make more than $3 million a year, according to a transcript released from the White House.
“It’s like Robin Hood in reverse. It’s Romney Hood,” the president said in the transcript, using what he called an independent, non-partisan organization’s study of Romney’s plan as support for his statement.
Obama told a gathering at the Stamford Marriott that taxes on the middle class would go up about $2,000 a year to help people who make over $3 million a year would receive an additional $250,000 in cuts, the transcript said.
He said he is running for a second term to secure tax cuts for working-class families so they can provide for their children. He added that in his first term he has cut taxes on the middle class by about $3,600, and wants to keep taxes where they are on the first $250,000 made.
“If your family makes under $250,000 ‒ like 98 percent of Americans do ‒ you will not see your income taxes increase by a single dime next year,” Obama said.
Click here to read the entire transcript from the event.