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Press Release: The Big Choice: Obama's Middle-Class Tax Hikes

October 02, 2012

"Today's studies make clear that there is only one candidate who will raise taxes on the middle class — and that's President Obama. After already hiking taxes on nearly five million middle-class Americans, President Obama's second-term spending plans will likely require yet another tax increase. Mitt Romney will deliver relief to middle-class families, cut tax rates for all Americans, and finally get our nation's spending under control." — Amanda Henneberg, Romney Campaign Spokesperson

AEI Calculated That President Obama's Debt Could Amount To $4,000 In Middle-Class Tax Hikes And Criticized Democrats' Claims About Mitt Romney's Tax Plan:

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)

  • AEI Headline: "Study: Obama's Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike" (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)

Another American Enterprise Institute Study Noted That Some Of The "Specific Assumptions That TPC Made" In Its Calculations Of Mitt Romney's Plan Are "Highly Questionable." "Some of the specific assumptions that TPC made in its analysis of Romney's tax plan are also highly questionable. By reconsidering just three components of the TPC's analysis, the conclusions it draws get turned upside down." (Alex Brill, "The Romney Tax Plan: Not a Tax Hike on the Middle Class," American Enterprise Institute, 10/1/12)

  • AEI, After Re-Analyzing Dubious Assumptions Made By The Tax Policy Center: "Just Like That, The Democrats' Attacks That Romney Wants To Raise Taxes On The Middle Class Become False." "Even modest economic growth makes a difference. And finally, the important factor that I discussed above. Based on Table 3-1 of the "Analytical Perspectives" report by the president's Office of Management and Budget, I compute that if the economy were to grow just 0.1 percentage point faster per year as a result of the reform, the additional revenue in 2015 would be approximately $13 billion. The result: A $12 billion tax increase on the middle class actually becomes a tax cut. And just like that, the Democrats' attacks that Romney wants to raise taxes on the middle class become false." (Alex Brill, "The Romney Tax Plan: Not a Tax Hike on the Middle Class," American Enterprise Institute, 10/1/12)

American Enterprise Institute: "Romney Has Proposed A Bold Tax Reform That Would Broaden The Tax Base And Lower Statutory Tax Rates Across The Board" "Romney has proposed a bold tax reform that would broaden the tax base and lower statutory tax rates across the board. While maintaining preferential rates for savings and investment, his proposal repeals the tax expenditures that distort economic decisions and add complexity to tax returns." (Alex Brill, "The Romney Tax Plan: Not a Tax Hike on the Middle Class," American Enterprise Institute, 10/1/12)

And Another Study Issued Today Also Found That President Obama's Spending Plans Will Require Yet Another Middle-Class Tax Hike:

Former CBO Director Doug Holtz Eakin: "If Spending Plans Are Unchanged, It Appears Inevitable That The Middle Class Will Face Higher Taxes." "This short paper outlines the tax implications of current Administration spending plans. If spending plans are unchanged, it appears inevitable that the middle class will face higher taxes." (Doug Holtz Eakin, "Middle Class Math: The Tax Implications Of Administration Spending Plans," American Action Forum, 10/12)

"Taxpayers Making As Little As $30,000" Could Face As Much As $1,500 In Higher Taxes. "Assuming that one-half the adjustment occurs on the tax side, and that higher taxes are phased in slowly, taxpayers making as little $30,000 will face higher taxes that average as much as $1,500 annually over the next 10 years." (Doug Holtz Eakin, "Middle Class Math: The Tax Implications Of Administration Spending Plans," American Action Forum, 10/12)

President Obama's Looming Middle-Class Tax Hikes Won't Be His First — He's Already Raised Taxes On Nearly Five Million Middle-Class Americans:

An Analysis By The Congressional Budget Office Found That "Nearly 80 Percent Of Those Who'll Face" Obamacare's Mandate Penalty Are In The Middle Class. "Nonetheless, in his first campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000. And the budget office analysis found that nearly 80 percent of those who'll face the penalty would be making up to or less than five times the federal poverty level." ("Tax Penalty To Hit Nearly 6M Uninsured People," The Associated Press, 9/19/12)

In 2016, 4.7 Million Americans — Who Live In Families That Earn Up To $123,000 Per Year — Will Be Subjected To The Individual Mandate Tax In Obamacare. ("Payments Of Penalties For Being Uninsured Under The Affordable Care Act," Congressional Budget Office, 9/12)

Mitt Romney, Press Release: The Big Choice: Obama's Middle-Class Tax Hikes Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/303531

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