President Obama blasted Mitt Romney's proposed new tax cuts on Wednesday, saying they will wind up costing the middle class more money.

"He's asking you to pay more so that people like him can get a tax cut." Obama told supporters in Mansfield, Ohio, the first of two campaign speeches today in a crucial swing state.

In addition to backing an extension of the George W. Bush tax cuts, Romney has also proposed new tax cuts of $5 trillion that will benefit mainly the wealthy, Obama told a friendly crowd.

"The bulk of this cut would go to the very top ... the wealthiest 1% of all households," Obama said. "Folks making more than $3 million a year -- the top one-tenth of one percent -- would get a quarter of a million dollars tax cut.''

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