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Romney Campaign Press Release - Biden's Straight Talk: "Yes We Do" Want To Raise Taxes

October 04, 2012

"Fresh off admitting that America's middle class has been 'buried' over the last four years, Vice President Biden went a step further today and fully embraced the President's job-killing tax increases. The choice facing Americans in this election gets clearer every day. We can either have four more years like the last four, with the same policies that have resulted in high unemployment and falling incomes, or we can elect Mitt Romney — who will lead us to a real recovery with more jobs and higher take-home pay." — Ryan Williams, Romney Campaign Spokesman

Today, Vice President Biden Conceded What The American People Already Knew — The Obama-Biden Team Wants To Raise Taxes:

Vice President Biden, On Whether The Obama-Biden Team Supports Trillions In Higher Taxes: "Yes We Do..." BIDEN: "On top of the trillions of dollars of spending that we have already cut, we're gonna ask — yes — we're gonna ask the wealthy to pay more. My heart breaks, come on man. You know the phrase they always use? Obama and Biden want to raise taxes by a trillion dollars. Guess what? Yes we do in one regard. We want to let that trillion-dollar tax cut expire so the middle class doesn't have to bear the burden of all that money going to the super wealthy. That's not a tax raise, that's called fairness where I come from." (Vice President Joe Biden, Remarks At A Campaign Event, Council Bluffs, IA, 10/4/12)

But President Obama's Trillions Of Dollars In Higher Taxes Are Going To Kill Jobs And Slow Economic Growth:

President Obama's Latest Budget Contained Over $2 Trillion In Higher Taxes On Job Creators And Hard-Working Americans. (House Ways & Means Committee, Accessed 10/4/12)

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 "A Trillion Dollars" In Tax Hikes Won't Be Enough — President Obama's Policies Are Going To Mean Higher Taxes On 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. ... 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. Currently that would work out to $55,850 or less for an individual and $115,250 or less for a family of four." ("Tax Penalty To Hit Nearly 6M Uninsured People," The Associated Press, 9/19/12)

Mitt Romney, Romney Campaign Press Release - Biden's Straight Talk: "Yes We Do" Want To Raise Taxes Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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