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Romney Campaign Press Release - Happy Tax Day: A Look Ahead To Tax Day 2013

April 17, 2012

"If Americans think today's tax day is painful, just wait until a second Obama term. With more than half a trillion dollars in Obama tax hikes already set to hit the economy in 2013, President Obama wants to add trillions more in higher taxes. After three straight years of chronic unemployment and slow economic growth, Americans can't afford four more years of Barack Obama's job-destroying policies." —Andrea Saul, Romney Campaign Spokesperson

In 2013, President Obama Will Usher In "One Of The Biggest Tax Increases In History" By Passing $1.5 Trillion In New Tax Hikes:

President Obama Would Raise Taxes "Either As A Final Act In Office After Losing The November 2012 Election Or After Winning A Second Term." "A White House official argued Sunday that the president had another trump card to play: the scheduled expiration of the George W. Bush tax cuts at the end of 2012. Obama would block extension of the reductions, either as a final act in office after losing the November 2012 election or after winning a second term." (Peter Wallsten and David Nakamura, "Did Obama Capitulate — Or Is This A Cagey Move?," The Washington Post, 7/31/11)

"[President Obama] Is Setting Up The U.S. Economy For One Of The Biggest Tax Increases In History In 2013." "President Obama unveiled part two of his American Jobs Act on Monday, and it turns out to be another permanent increase in taxes to pay for more spending and another temporary tax cut. No surprise there. What might surprise Americans, however, is how the President is setting up the U.S. economy for one of the biggest tax increases in history in 2013." (Editorial, "The 2013 Tax Cliff," The Wall Street Journal, 9/14/11)

"The Only Thing That You Can Be Certain Will Become Law" In A Second Obama Term Is A "Monumental Tax Increase." "The only thing that you can be certain will become law in this budget if Mr. Obama is re-elected is the monumental tax increase. His plan would raise tax rates across the board on anyone or any business owners making more than $200,000 for individuals and $250,000 for couples." (Editorial, "The Amazing Obama Budget," The Wall Street Journal, 2/14/12)

To Pay For Even More Federal Spending, President Obama's 2013 Budget Includes $1.5 Trillion In New Tax Hikes. "To pay for the spending, the president would raise $1.5 trillion in added tax revenue over 10 years, mainly from higher taxes on wealthier Americans. He would allow the Bush tax cuts to expire on families earning more than $250,000 a year and impose a new minimum tax of 30 percent on millionaires, which the administration has called the ‘Buffett Rule.'" (Devin Dwyer, "Obama Budget Doubles Down On Populist Proposals," ABC News, 2/13/12)

And These New Tax Increases Are On Top Of The $525 Billion In Higher Taxes Already Set To Hit The Economy In 2013 From Obamacare:

Obamacare Contains "The Largest Tax Increase Since 1993." "Keep in mind that Mr. Obama has already signed the largest tax increase since 1993. While everyone focuses on the Bush tax rates that expire after 2012, other tax increases are already set to hit the economy thanks to the 2010 Affordable Care Act." (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)

The Nonpartisan Congressional Budget Office Estimated That Obamacare Will Raise Taxes By $525 Billion Over Its First 10 Years. (CBO Director Douglas W. Elmendorf, Testimony, U.S. House Of Representatives, 3/30/11)

Starting In 2013, Medical Devices Will Be Hit With $20 Billion In Excise Taxes. "Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. That's estimated to raise $20 billion." (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)

Starting In 2013, Obamacare Will Apply $210 Billion In Medicare Taxes To Investment Income For The First Time In History. "Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000. For first time, the bill also applies Medicare's 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on ‘the rich.' Oh, and these new taxes aren't indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires? Taxpayer cost over 10 years: $210 billion." (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)

Mitt Romney, Romney Campaign Press Release - Happy Tax Day: A Look Ahead To Tax Day 2013 Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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