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Press Release: The Middle Class Can't Afford Four More Years Of Obama's Tax Hikes

October 16, 2012

"Four years ago, Barack Obama promised middle-class families they wouldn't see a tax hike if he was elected president. He was wrong. President Obama's disastrous health-care law raises taxes on millions of middle-class Americans, and his fiscally irresponsible policies could raise middle-class taxes by another $4,000 while jeopardizing over 700,000 jobs. Mitt Romney will cut taxes for all Americans and create a simpler, fairer tax code to help jumpstart the economy." — Ryan Williams, Romney Campaign Spokesman

At The First 2008 Presidential Debate, Candidate Obama Promised His Tax Plan Would Not Raise Taxes On Middle-Class Americans:

Candidate Obama, At The First 2008 Presidential Debate: "If You Make Less Than $250,000 ... Then You Will Not See One Dime's Worth Of Tax Increase." OBAMA: "My definition -- here's what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000, less than a quarter-million dollars a year, then you will not see one dime's worth of tax increase." (Sen. Barack Obama, Presidential Debate, Oxford, MS, 9/26/08)

But Obamacare Will Subject Nearly 5 Million Middle-Class Americans To Higher Taxes:

The Congressional Budget Office Estimates Nearly 6 Million Americans Will Get Hit With Obamacare's 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." (The Associated Press, 9/19/12)

In 2016, Nearly 5 Million Americans Will Be Subjected To The Individual Mandate Tax In Obamacare. (Congressional Budget Office, 9/12)

  • "Nearly 80 Percent Of Those Who'll Face The 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." (The Associated Press, 9/19/12)

Obamacare Will Even Subject 600,000 Americans Who Make Less Than The Federal Poverty Level To The Mandate Tax. (Congressional Budget Office, 9/12)

The Average Penalty For Middle-Class Families Will Be Approximately $1,200. "Currently that would work out to $55,850 or less for an individual and $115,250 or less for a family of four. Average penalty: about $1,200 in 2016." (The Associated Press, 9/19/12)

And The Choice Is Clear For The Next Four Years — President Obama's Policies Will Drive Up Middle-Class Taxes And Produce Fewer Jobs And More Debt:

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." (American Enterprise Institute, 10/2/12)

President Obama's Tax Hikes Would Subject Small-Business Owners To Higher Taxes And Would 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." (The Washington Post, 7/17/12)

Mitt Romney, Press Release: The Middle Class Can't Afford Four More Years Of Obama's Tax Hikes Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/303053

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