President Barack Obama derided Republican presidential nominee Mitt Romney's tax plan as "Robin Hood in reverse," while the former Massachusetts' governor dismissed the president's characterization as "Obamaloney."

Speaking at a fundraiser in Connecticut on Monday, Obama assailed Romney's tax plan, which he said would raise taxes on middle-class families with children by $2,000. The president was citing figures from the Tax Policy Center, an independent think tank.

Romney would "ask the middle class to pay more in taxes so that he could give another $250,000 tax cut to people making more than $3 million a year," Obama said. "It's like Robin Hood in reverse -- it's Romney Hood."

Romney dismissed Obama's criticism, saying the president distorted the facts of his tax plan.

"We've been watching the president say a lot of things about me and about my policies and they're just not right," Romney told Carl Cameron of Fox News. "And if I were to coin a term it would be, 'Obamaloney.' He's serving a dish which is simply in contradiction of the truth, and it relates to everything from how I'm going to help the middle class to tax policy - he's just simply saying things that are not accurate."

While the "Robin Hood in reverse" line is getting a lot of attention, it's not an original phrase in politics, according to CNBC.

According to the network, "Robin Hood in reverse" first entered the political realm in 1971, when AFL-CIO President George Meany used the term to espouse then-President Richard Nixon's "New Economic Policy."

The policy's provisions included wage and price controls amid rising inflation and the elimination of some excise taxes to encourage spending.

Meany believed the plan was bad for the labor groups he represented and called Nixon's initiative "Robin Hood in Reverse, robbing the poor to pay the rich," according to CNBC.

Another labor leader, American Federation of Teachers President Albert Shankel, used the phrase "Robin Hood in reverse."

Shankel used the term to describe the social welfare cuts under Ronald Reagan.

The Rev. Jesse Jackson also said the "Robin Hood in reverse" line when speaking about Reagan's economic policies.

The phrase was also used by Democrats to describe George W. Bush's $1.6 trillion tax cuts, and by leading tax activist Grover Norquist to describe the increase of highly-paid federal workers under Obama.

Which presidential candidate do you think has the more clever catch phrase? Is It Obama's "Romney Hood" or Romney's "Obamaloney?" Leave your opinions in the comments section below.