Romney would shatter the promise of Social Security for the millions of Americans who earned it through a lifetime of hard work. His tax plan could raise taxes on Social Security benefits to pay for his $5 trillion in new tax breaks skewed to the wealthiest, raising taxes on middle-class seniors by an average of $460 a year.
· Vice President Biden is in Florida today talking to seniors about the promise of Social Security that they earned through a lifetime of hard work and responsibility. While he and President Obama will preserve that promise, Mitt Romney would shatter it.
o Must See: This new OFA eCard campaign that helps supporters make sure their parents and grandparents know the costs of Romney’s plan for Social Security.
· Under Romney’s plan, middle-class seniors could see taxes on their Social Security benefits go up by an average of $460 a year because paying for his $5 trillion tax plan would require cutting middle-class tax deductions and exclusions by more than half.
o Romney says he’ll just cut deductions and exclusions for the wealthy, but independent experts say there aren’t enough to cover the cost of his tax breaks.
o That means he’d have to cut deductions and exclusions for the middle class, which could include one that limits taxes on seniors’ Social Security benefits.
o If Romney makes his cuts equally across the board, he’d raise taxes on Social Security benefits for middle-class seniors by an average of $460 a year.
o Must Read: This new OFA factsheet outlining how Romney’s plan could raise taxes on Social Security benefits for seniors by hundreds of dollars.
· It’s no surprise Romney’s plan would raise taxes on Social Security for seniors.
o He’s written off half the country – including seniors – for getting a government benefit like Medicare or Social Security, even if they spent a lifetime earning it.
o Romney supported President Bush’s plan to privatize Social Security, turning seniors’ retirement security over to the whims of Wall Street.
· President Obama won’t write off half the country. He’s making sure the basic bargain of Social Security remains strong for today’s seniors and for future generations and he won’t raise taxes on middle-class seniors.
o The President believes we need to put Social Security on stronger footing for the coming decades. To do so, he has put forward a set of principles for guiding bipartisan reform. He believes that both sides need to come together.
o While all reasonable measures to strengthen Social Security should be on the table, the President refuses to slash benefits for current and future seniors or privatize Social Security and subject it to the whims of Wall Street.
o Unlike Romney, President Obama’s plan doesn’t ask middle-class seniors to pay more in taxes so multimillionaires like Romney can pay less.