Obama For America Releases New Television Ad: "Get Real"

Obama for America Releases New Television Ad: Get Real
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Sent:Tuesday, August 14, 2012 1:39 PM To: Obama for America Press [press@barackobama.com]
For Immediate Release: Tuesday, August 14, 2012 Contact: Obama for America Press (312) 985-1198
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Obama for America Releases New Television Ad: Get Real CHICAGO -- Obama for America released a new television advertisement today titled Get Real that highlights the clear choice for voters between Mitt Romney and President Obamas plans for higher education. Mitt Romney thinks that students should borrow money from their parents to help pay for college or start a business, and under the Romney-Ryan budget, college aid would be cut for nearly 10 million students and the tax deduction for college tuition would be eliminated. President Obama, on the other hand, understands that a college education should be in reach for as many students as possible and thats why he has overhauled higher education financing by eliminating bank middlemen from college loans and used the savings to double funding for Pell Grants. Get Real will air in Colorado, Iowa, Nevada, Ohio, Virginia. Please click HERE to watch the new ad.
AD VO: Im Barack Obama and I approved this message VO: Mitt Romney on how to pay for college and start a business Visual: Mitt Romney on how to pay for college and start a business VO: Take a risk, get the education, borrow money
BACK-UP
ROMNEY TOLD STUDENTS THEY
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if you have to from your parents Visual: Borrow money if you have to from your parents
SHOULD JUST BORROW MONEY FROM THEIR PARENTS FOR COLLEGE OR TO START A BUSINESS Romney Encouraged Young People To Borrow Money If You Have To From Your Parents To Start A Business. Romney before he began talking about how his friend, Jimmy John, borrowed money from his parents to start his business: This kind of divisiveness, this attack of success, is very different than what weve seen in our countrys history. Weve always encouraged young people: Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business. [Romney Guest Lecture, Otterbein University, 4/27/12]
VO: Hope they can afford it. Romneys plans could cut college aid for nearly ten million students Visual: Parents: Hope they can afford it Romneys Plans: Cut college aid for nearly 10 million students Krugman, New York Times, 4/30/12; Zients, WhiteHouse.gov, 3/21/12
ROMNEY AND RYAN WOULD CUT FEDERAL COLLEGE AID TO NEARLY 10 MILLION STUDENTS New York Times Paul Krugman: Romney Has Been A Strong Supporter Of The House Republican Budget Which Would Drastically Cut Federal Student Aid, Causing Roughly A Million Students To Lose Their Pell Grants. Mr. Romney isnt proposing anything that would fix that; he is, however, a strong supporter of the Ryan budget plan, which would drastically cut federal student aid, causing roughly a million students to lose their Pell grants. [Paul Krugman, NYT, 4/30/12] If Cuts Were Applied Across The Board, The Ryan Budget Would Slash Education, Meaning 9.6 Million Students Would See Their Pell Grants Fall By More Than $1000 In 2014, And, Over The Next Decade, Over One Million Students Would Lose Support Altogether. Yesterday, House Republicans released their budget resolution for FY 2013 On top of the
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roughly $1 trillion in cuts in the Budget Control Act, it would be difficult to overstate the radicalism of the domestic cuts proposed by the House budget resolution. In 2013, it would cut annual non-defense funding by 5 percent. By 2014, the resolution would cut this funding by 19 percent in purely nominal terms 9.6 million students would see their Pell Grants fall by more than $1000 in 2014, and, over the next decade, over one million students would lose support altogether. [Jeff Zients, Acting Director of the Office of Management and Budget, WH.gov, 3/21/12] VO: and eliminate the tax deduction for college tuition. Visual: Eliminate the tax deduction for college tuition Tax Policy Center, 3/1/12
ROMNEY WOULD ALLOW THE TAX CREDIT FOR COLLEGE EXPIRE Romneys Plan Would Allow Tax Provision In The 2009 Recovery Act To Expire, Including The American Opportunity Tax Credit For Higher Education, The Expanded Refundability Of The Child Credit, And The Expansion Of The EITC. Tax provisions in the 2009 stimulus act and subsequently extended through 2012 would expire. These include the American Opportunity tax credit for higher education, the expanded refundability of the child credit, and the expansion of the earned income tax credit (EITC). [Tax Policy Center, The Romney Plan (updated), 3/1/12] Many Of The Recovery Act Tax Cuts And Credits Primarily Benefit The Broad Middle Class And The Largest Gains, Measured As A Percentage Of After-Tax Income, Go To The Poorest Tax Units. The individual tax provisions in ARRA will reduce taxes for households at all income levels. The child tax credit and EITC provisions focus tax cuts on low income tax units, extending the alternative minimum tax
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patch substantially lowers taxes for wealthy households, and other provisions primarily benefit the broad middle class. The largest gains, measured as a percentage of after-tax income, go to the poorest tax units: average after-tax income will climb 4.6 percent for those in the bottom quintile. In contrast, taxes will fall much less for the top quintile of tax units, whose average after-tax income will rise only 1.5 percent. [Tax Policy Center, 5/5/09] Reuters Columnist David Cay Johnston: Romney Raises Taxes On Those Going To College By Eliminating The American Opportunity Tax Credit For College Education. From David Cay Johnstons column on Romneys tax plan: The Republican frontrunners 160-page plan for jobs and economic growth, which he released in September, contains some sound ideas. But theres a side to the plan that would raise taxes on the poorest 125 million Americans while tilting tax cuts further toward the rich. Romney would make the Bush tax cuts permanent. But thats only a first step. He would also raise taxes on poor families with children at home and those going to college. Romney does this by reducing benefits from the child tax credit and the earned income tax credit and by ending the American Opportunity tax credit for college education. Without these tax breaks, the poorest fifth of taxpayers would pay $157 more in taxes in 2015 than under current policy, the Tax Policy Center says in its analysis of Romneys plan. The second poorest group would pay $82 more, according to the center, whose past work has been praised by Republicans and Democrats alike. [David Cay Johnston, Reuters, 2/7/12] Politifact: Romney Plan To Let Recovery Act Tax Credits Expire, Like The Education Credit, Would Raise Taxes On 18 Million Working Families. Obama claimed Romneys
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plan would cut his own taxes while raising them on 18 million working families. The Tax Policy Center found that, indeed, even with a 20 percent rate cut, 18 million people would find themselves in a gap where the rate cut wouldnt offset the loss of benefits from the Obama tax cuts Romney would let expire. That is, theyd end up paying more (or getting less in refunds) without the expanded child credit, EITC and education credit. Romney has not explicitly said he wants those tax cuts to end, but his lack of support for extending them means there would be an increase on the 18 million people. Obama's statement is accurate but needs additional information. We rate it Mostly True. [Politifact, 5/8/12] VO: President Obama eliminated bank middlemen from college loans and used the savings to double college grants. Visual: President Obama Eliminated bank middlemen Doubled college grants Washington Post, 3/30/10 President Obama Overhauled Higher Education Financing, Eliminating Bank Middlemen From Government Loans Which Saved $68 Billion; Savings That Were Used To Double Funding For Pell Grants. Obama signed a broad overhaul of higher education funding into law along with the last portion of the health-care bill The bill Obama signed overhauls higher education financing, doubling funding for Pell grants, allowing students to borrow directly from the government and easing payment structures once they graduate. Loan repayments will be capped at 10 percent of a graduate's salary, down from the current 15 percent, starting in 2014. The measure, Obama said, will save the country $68 billion that would otherwise have been spent on "middlemen" -financial institutions that previously managed the loans. [Washington Post, 3/30/10] Because Of President Obamas Investments In Pell Grant, In 2013, Over 9.7 Million Students Will Receive Pell Grants Worth Up To $5,635. Thanks to the landmark investments in Pell Grants since the beginning of the Administration, in 2013 over 9.7 million students will receive Pell Grants worth up to $5,635. [Department of Education, Accessed 06/22/12]
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The Federal Pell Grant Program Provided Grants To 6.1 Million Students In 2008-2009. The Federal Pell Grant Program is designed to help the neediest undergraduate students. For many students, Federal Pell Grants provided a foundation of financial aid, to which aid for other federal and non-federal sources may be added. The program provided grants ranging from $523-$4,731 to over 6.1 million students in 2008-2009, with awards totaling $18,291,082,121. [Department of Education, accessed 07/16/12]
VO: Take a risk, get the education, borrow money if you have to from your parents Visual: Borrow money if you have to from your parents
ROMNEY TOLD STUDENTS THEY SHOULD JUST BORROW MONEY FROM THEIR PARENTS FOR COLLEGE OR TO START A BUSINESS Romney Encouraged Young People To Borrow Money If You Have To From Your Parents To Start A Business. Romney before he began talking about how his friend, Jimmy John, borrowed money from his parents to start his business: This kind of divisiveness, this attack of success, is very different than what weve seen in our countrys history. Weve always encouraged young people: Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business. [Romney Guest Lecture, Otterbein University, 4/27/12]
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Obama For America Releases New Television Ad: "Get Real"

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Obama for America Releases New Television Ad: Get Real