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Romney Campaign Press Release - The Obama Agenda: Four More Years Of Job-Destroying Tax Hikes

October 26, 2012

"President Obama's second-term agenda may fit on a glossy brochure – but he's not telling Americans the results those policies will deliver. Instead of a positive vision to get our economy moving again, the President is pushing tax hikes that will produce lower incomes, fewer jobs, and yet another burden on small businesses. As president, Mitt Romney will cut taxes for the middle class and reform our nation's outdated tax code to create millions of new jobs and a more competitive environment for job creators." – Andrea Saul, Romney Campaign Spokesperson

Yesterday, The Nonpartisan Tax Foundation Confirmed That President Obama's Tax Hikes Will Cost Every State Jobs, Income, And Economic Growth:

Tax Foundation, On President Obama's Tax Hikes: "They Reduce Spending On Goods And Services, Hurting The Local Businesses That Provide Those Things." "President Obama's campaign to raise taxes on high-income earners presents an overly simplistic view of the economy, as if tax increases only affect those people who write checks to the IRS. However, when high-income families are hit with additional taxes, they don't keep it to themselves. They reduce spending on goods and services, hurting the local businesses that provide those things." (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

  • "This Results In Less Hiring And Investment By Those Businesses And Ultimately Less Income For The Whole Community." (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

Florida – A State Visited By President Obama Yesterday – Is One Of The States Hit Hardest By President Obama's Tax Hikes. "In dollar terms, the states most affected are big, high-income states. California stands to lose $241 billion over ten years as a result of the president's tax policies. This is followed by New York at $186 billion, Texas at $131 billion, Florida at $104 billion, and Illinois at $74 billion. The state least affected is Vermont, which loses $2 billion over ten years. As a percent of income, Wyoming is most affected, losing 1.82 percent of income in 2013, followed by Connecticut, New York, Delaware, and Massachusetts." (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

  • President Obama's Tax Hikes Will Cost Florida Taxpayers And Small Businesses $104.3 Billion. (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

President Obama's Tax Hikes Will Cost Taxpayers And Small Businesses In Wisconsin – Where Vice President Biden Will Campaign Today – $19.2 Billion. (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

President Obama's Tax Hikes Will Cost Taxpayers And Small Businesses In Virginia – Where President Obama Campaigned Yesterday – $45.1 Billion. (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

President Obama's Tax Hikes Will Cost Taxpayers And Small Businesses In Ohio – Where President Obama Campaigned Yesterday – $32.9 Billion. (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

And President Obama's Second-Term Agenda Will Also Mean Fewer Jobs, Higher Taxes On Middle Class Families, And Skyrocketing Debt:

President Obama's Small-Business Tax Hikes Will 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)

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)

Under President Obama's Policies, The National Debt Is Projected To Surpass $20 Trillion By The End Of 2016 – An Increase Of More Than $4 Trillion In New Debt. (Office of Management and Budget, 7/27/12)

Mitt Romney, Romney Campaign Press Release - The Obama Agenda: Four More Years Of Job-Destroying Tax Hikes Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302669

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