Romney Campaign Press Release - President Obama's Only Plan: Job-Destroying Tax Hikes

"Last night, President Obama demonstrated that he only has one idea for our economy — and that's hiking taxes on our nation's job creators. The President's policies will hit small businesses with taxes that impede growth and destroy over 700,000 jobs. And President Obama's spending policies could mean another $4,000 in higher taxes on the middle class. Mitt Romney's pro-growth tax reforms will take our nation in a new direction by creating 12 million new jobs, robust economic growth, and a brighter future for middle-class families." — Andrea Saul, Romney Campaign Spokesperson

Last Night, President Obama Outlined His Only Jobs Plan — Raising Taxes — At Least Nine Times On The Debate Stage:

TAX HIKE PROMISE #1: President Obama: "Governor Romney Has A Perspective That Says If We Cut Taxes ... We'll Be Better Off. I've Got A Different View." OBAMA: "And so the question here tonight is not where we've been but where we're going. Governor Romney has a perspective that says if we cut taxes, skewed towards the wealthy, and roll back regulations that we'll be better off. I've got a different view. I think we've got to invest in education and training." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #2: President Obama: "How Do We Have Enough Revenue To Make Those Investments?" OBAMA: "Now, in order for us to do it, we do have to close our deficit, and one of the things I'm sure we'll be discussing tonight is, how do we deal with our tax code, and how do we make sure that we are reducing spending in a responsible way, but also how do we have enough revenue to make those investments?" (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #3: President Obama: "We Should Go Back To The [Tax] Rates That We Had When Bill Clinton Was President..." OBAMA: "But I have said that for incomes over $250,000 a year that we should go back to the rates that we had when Bill Clinton was president, when we created 23 million new jobs, went from deficit to surplus and created a whole lot of millionaires to boot." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #4: President Obama: "Bill Clinton Tried The Approach That I'm Talking About." OBAMA: "Bill Clinton tried the approach that I'm talking about. We created 23 million new jobs. We went from deficit to surplus, and businesses did very well." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #5:President Obama: "Those Of Us Who Have Done Extraordinarily Well ... We Can Afford To Do A Little Bit More..." OBAMA: "So in some ways, we've got some data on which approach is more likely to create jobs and opportunity for Americans, and I believe that the economy works best when middle-class families are getting tax breaks so that they've got some money in their pockets and those of us who have done extraordinarily well because of this magnificent country that we live in, that we can afford to do a little bit more to make sure we're not blowing up the deficit." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #6: President Obama: "You Can Look At All The Numbers ... We Ask For A Dollar Of Additional Revenue..." OBAMA: "Now, we all know that we've got to do more. ... You can look at all the numbers, what cuts we make and what revenue we raise. And the way we do it is $2.50 for every cut, we ask for a dollar of additional revenue, paid for, as I indicated earlier, by asking those of us who have done very well in this country to contribute a little bit more to reduce the deficit." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #7: President Obama: "We've Got To Take A Balanced, Responsible Approach. ... This Is Not Just When It Comes To Individual Taxes. Let's Talk About Corporate Taxes." OBAMA: "If we're serious, we've got to take a balanced, responsible approach. And by the way, this is not just when it comes to individual taxes. Let's talk about corporate taxes. Now, I've identified areas where we can, right away, make a change that I believe would actually help the economy." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #8: President Obama: "Raises Revenue. ... We Take A Balanced Approach..." OBAMA: "I think most Americans would say that doesn't make sense. And all that raises revenue. And so if we take a balanced approach, what that then allows us to do is also to help young people, the way we already have during my administration, make sure that they can afford to go to college." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

TAX HIKE PROMISE #9: President Obama: "If We're Asking For No Revenue, Then That Means That We've Got To Get Rid Of A Whole Bunch Of Stuff..." OBAMA: "That is not a recipe for growth; that's not how America was built. And so budgets reflect choices. Ultimately we're going to have to make some decisions. And if we're asking for no revenue, then that means that we've got to get rid of a whole bunch of stuff..." (President Barack Obama, First Presidential Debate, Denver, CO, 10/3/12)

But What Did President Obama Fail To Mention Last Night? His Tax Plan Will Hurt Small Businesses And Kill Over 700,000 Jobs:

President Obama's Second-Term Tax Plan Will Hike Taxes On Small-Businesses And Jeopardize 710,000 Jobs. "Researchers determined the plan would actually subject 2.1 million business owners to higher rates; specifically, those who pay pass-through taxes, like most partnerships, LLCs and S-Corporations. The result, less capital in the hands of business owners and diminished labor supply, would cost the United States an estimated $200 billion in economic output and 710,000 jobs." (J.D. Harrison, "Obama Plan To Lift Top Tax Rates Would Plague Millions Of Small Businesses, Study Warns," The Washington Post, 7/17/12)

• President Obama's Plan "Would Hurt Small-Business Job Creators In Particular." "New research, released today by the National Federation of Independent Business, shows that allowing tax relief on the top individual rates to expire will hurt job creation and the economy. The report, published by top accounting firm Ernst & Young, shows raising top individual rates would hurt small-business job creators in particular." (NFIB, Press Release, 7/17/12)

A Nonpartisan Study From The National Federation Of Independent Business Determined The Obama Plan Will Shrink The Economy By 1.3 Percent. "The study ... finds that over time the economy would be 1.3 percent smaller and there would be 710,000 fewer jobs. More than 72 percent of S corporation income is earned by the half-million S corporation owners who pay the top two rates. Increasing individual rates directly impacts small businesses organized as S corporations, partnerships, LLCs and sole proprietors, also known as 'pass-through' businesses. NFIB research shows around 75 percent of all small businesses are organized in such a manner." (NFIB, Press Release, 7/17/12)

And Who Else Will Be Hit With Higher Taxes Under The Obama Economic Plan? Middle-Class Families:

The American Enterprise Institute Has Calculated That The Annual Cost Of President Obama's Current And Looming Debt Burden Amounts To $4,000 Per Year In Higher Taxes On The Middle Class. "In a new paper, AEI's Matt Jensen looks at the real annual cost of servicing the debt for households at various levels of income — including a potentially higher tax burden. As the table below illustrates, a household making between $100,000 and $200,000 a year could find its tax liability higher by roughly $2,400 every year. Over ten years, that works out to $24,000. And when you add in the debt already accrued the past four years under President Obama (the second table), that's another $1,600 a year. So now we are now talking about $4,000 a year, $40,000 over ten years." (James Pethokoukis, "Study: Obama's Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike," American Enterprise Institute, 10/2/12)

In Addition, Obamacare Will Subject Nearly 5 Million Middle-Class Americans To A Tax Increase. "Congressional budget analysts are now estimating that nearly 6 million Americans — most of them in the middle class — will have to pay a tax penalty for not getting health insurance once President Barack Obama's health care law is fully in place." ("Tax Penalty To Hit Nearly 6M Uninsured People," The Associated Press, 9/19/12)