Barack Obama made a campaign stop today in the critically important swing state of Colorado and there he slammed Mitt Romney and his GOP allies for trying “to sell us this trickle-down tax cut fairy dust.”
“And I promise you, that’s their only idea — to go back to the things that didn’t work,” Mr. Obama told the crowd in Pueblo. “Mr. Romney, his friends in Congress, they believe — they’ve got two ideas. One, tax cuts for the wealthiest Americans. Two, they want to get rid of regulations that help keep our air and water clean — regulations that protect our consumers, regulations that make sure that Wall Street doesn’t do the same kinds of things that created the financial crisis. And their idea is, is that if we give these big tax cuts to folks who don’t need them and are doing really well, and we let corporations run roughshod, even if they’re not doing the right thing, that somehow that’s going to lead to jobs and prosperity for everybody. That’s what they’re proposing. That’s what they will do if they win this election.”
Mr. Obama also referred to the recent Tax Policy Center study which found that Mr. Romney’s tax plan would provide big tax breaks for upper income earners and balance the federal budget on the backs of the middle class.
“The centerpiece of Mr. Romney’s entire economic plan is a new $5 trillion tax cut — a lot of it is going to the wealthiest Americans. But last week, we found out he expects the middle class to pick up the tab to pay for it,” he said. ” So you’ve got a $5 trillion tax plan and to pay for it you raise taxes on middle-class families with children by an average of $2,000 — not to reduce the deficit, not to grow jobs, not to invest in education, but just to give another $250,000 tax cut to people making more than $3 million a year.”
But it was all about taxing the rich.
Mr. Obama also hit Mr. Romney for a opposing a tax credit for wind production which he said would add jobs in the state.
“And at a moment when homegrown energy is creating new jobs in states like Colorado and Iowa, my opponent wants to end tax credits for wind energy producers,” he said. “Think about what that would mean for a community like Pueblo. The wind industry supports about 5,000 jobs across this state. Without those tax credits, 37,000 American jobs, potentially including hundreds of jobs right here in Pueblo, would be at risk. Colorado, it is time to stop spending billions in taxpayer subsidies on an oil industry that’s rarely been more profitable, and keep investing in a clean energy industry that’s never been more promising.”