Claim: A new advertisement endorsed by President Barack Obama that is airing on KLAS-TV Channel 8 features comments from fellow Democrat and former President Bill Clinton, who discusses the "clear choice" voters have in the presidential election. Clinton states: "The Republican plan is to cut more taxes on upper income people and go back to deregulation. That's what got us in trouble in the first place."
Verdict: Partly true and partly misleading. Republican presidential nominee Mitt Romney wants to cut federal taxes, but not only for upper income people. Romney's plan includes reducing all marginal income tax rates by 20 percent and eliminating taxes on interest, dividends and capital gains for taxpayers with adjusted gross incomes below $200,000 a year. Clinton's claim is an extension of an Obama campaign argument that Romney's tax plan would benefit only the wealthiest Americans. That claim is based on a study from the Center on Budget and Policy Priorities, which concluded that wealthier taxpayers would enjoy much higher increases in after-tax income than would lower-income earners. But the center conceded that Romney hasn't yet offered certain details on his tax proposal, such as broadening the tax base by reducing tax preferences. Because the study was based only on what is known about Romney's plan, it isn't clear whether the center would reach the same conclusions if and when those details are revealed. Romney favors reducing government regulations and said he would repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Democrats advocated in response to the recession. Romney has said he would replace Dodd-Frank with a "streamlined, modern regulatory framework," according to his campaign website. But Clinton's argument that the Republican plan is how the country got in trouble over-simplifies the many factors -- decades in the making -- that led to the nation's worst economy since the Great Depression. These factors include changes affecting mortgage lending and availability of credit that were supported by both Republican and Democratic lawmakers.