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Romney Campaign Press Release - Obama's Mile-High Broken Promises To Job Creators

May 29, 2012

"Despite campaigning on a promise to help job creators, President Obama has proposed a slew of job-destroying policies, including massive tax hikes on businesses. The results of these policies are clear – businesses are afraid to hire again and millions of Americans are still struggling for work. On day one, Mitt Romney will usher in pro-growth policies that help give businesses the confidence they need to begin hiring again." –Andrea Saul, Romney Campaign Spokesperson


Candidate Obama Promised To Help People "Take A Risk And Start A New Business" – But New Business Startups Are Down On His Watch:

Candidate Obama, In Denver In 2008: "We Measure The Strength Of Our Economy ... By Whether Someone With A Good Idea Can Take A Risk And Start A New Business..." OBAMA: "We measure the strength of our economy not by the number of billionaires we have or the profits of the Fortune 500, but by whether someone with a good idea can take a risk and start a new business, or whether the waitress who lives on tips can take a day off and look after a sick kid without losing her job, an economy that honors the dignity of work." (Sen. Barack Obama, Remarks, Denver, CO, 8/28/08)

The Average Number Of New Business Enterprises Under President Obama Is Approximately 100,000 Fewer Per Year Than During President Bush's Second Term. (Bureau Of Labor Statistics,, Accessed 5/27/12)

New Business Startups Are At 30-Year Lows. "Not only the rate, but the raw numbers have declined, he said. In 1977, SBA figures show, Americans started 563,325 businesses with employees. In 2009, despite an increase in the population, they started 403,765. And no previous valleys dipped so low. A spreadsheet from Shane shows that neither the rate nor number of startups since 1977 ever hit the most recent level." (Tom Feran, "U.S. House Speaker John Boehner Says New Business Startups Are At The Lowest Levels In 30 Years,", 3/23/12)

Candidate Obama Promised To Reform The Tax Code To Reward Job Creators – But His Massive Tax Hikes Will Saddle Small Businesses With Tax Rates As High As 41%:

Candidate Obama, In Denver In 2008: "Change Means A Tax Code That Doesn't Reward The Lobbyists Who Wrote It, But The American Workers And Small Businesses Who Deserve It." OBAMA: "So -- so let me -- let me spell out exactly what that change would mean if I am president. Change means a tax code that doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it." (Sen. Barack Obama, Remarks, Denver, CO, 8/28/08)

"[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)

President Obama's Tax Plans Would Come "At The Expense Of Smaller Businesses That File As Individuals" By Hiking Their Marginal Rates To "41% Or More." "By contrast, President Obama's proposal yesterday (see below) to cut the corporate rate to 28% from 35% wouldn't apply to this 'pass-through' business income. It would thus favor big corporations at the expense of smaller businesses that file as individuals and would see their marginal rate rise to 41% or more under Mr. Obama's plan to raise individual tax rates." (Editorial, "Romney's Tax Reboot," The Wall Street Journal, 2/23/12)

  • Approximately 50% Of Private Sector Employees Work At Firms That File Their Taxes Through The Individual Tax Code. "In 2008, flow-through businesses: Accounted for nearly 95 percent of all business entities; Employed 54 percent of the private sector work force; and, Reported 36 percent of all business receipts. Moreover, between 2004 and 2008 individual owners of flow-through business reported 54 percent of all business net income and paid 44 percent of all federal business income taxes." (Robert Carroll and Gerald Prante, "The Flow-Through Business Sector And Tax Reform," Ernst & Young, 4/11)

President Obama's Tax Plan Creates New Winners And Losers In The Tax Code. "The official said the Obama plan aims to help U.S. businesses, especially manufacturers who face strong international competition. Obama's plan would lower the effective rate for manufacturers to 25 percent while emphasizing development of clean energy systems. The administration official spoke on condition of anonymity to describe what the administration will do." (Jim Kuhnhenn, "AP Source: Obama Seeks 28 Percent Corp. Tax Rate," The Associated Press, 2/22/12)


Governor Romney's Tax Plan Cuts Taxes For All Americans – Including Small Business Owners – While Flattening The Tax Code And Broadening The Base:

Governor Romney Has A Tax Plan That "Follows The Reagan Formula" Of Cutting Taxes For Everyone Who Pays Income Taxes, Including The Many Small Business Owners That File As Individuals. "The rate cut follows the Reagan formula of applying to anyone who pays income taxes. The current 35% tax rate (set to rise to 41% in 2013 including deduction and exemption phase-outs) would fall to 28%, the 33% rate to 26.4%, the 28% rate to 22.4%, the 25% rate to 20%, the 15% rate to 12%, and the 10% rate to 8%." (Editorial, "Romney's Tax Reboot," The Wall Street Journal, 2/23/12)

Governor Romney Would Enact An "Across-The-Board Tax-Rate Cut," Reducing The Marginal Tax Rate Paid By Many Small Businesses To 28%. "Romney 2.0 goes the full Reagan. The plan's centerpiece: An across-the-board tax-rate cut of 20 percent, returning the top rate to 28 percent, where it was when Reagan left office in January 1989. In addition, the tax rate for people in the lowest income bracket would drop to 8 percent from 10 percent, and to 20 percent from 25 percent for those Americans in the middle, according to the Wall Street Journal." (James Pethokoukis, "New Romney Tax Plan Goes The Full Reagan," American Enterprise Blog, 2/22/12)

Governor Romney's Plan "Flattens The Code, Broadens The Base And Tries To Get Government Out Of The Business Of Picking Winners And Losers." "Romney seems to have gone for a tax reform plan not unlike that of Rep. Paul Ryan (R-Wis.). It flattens the code, broadens the base and tries to get government out of the business of picking winners and losers." (Jennifer Rubin, "Romney's Tax Plan: Not Obama, Not Santorum, Maybe Doable," The Washington Post, 2/22/12)

Mitt Romney, Romney Campaign Press Release - Obama's Mile-High Broken Promises To Job Creators Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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