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Romney Campaign Press Release - New Study: Obama Tax Increases Will Hurt Small Business And Kill Jobs

July 18, 2012

"While President Obama has given political payoffs to his top donors, small businesses have been hit hard in the Obama economy. This new report confirms that small businesses will be even further devastated by President Obama's plans to raise taxes. Mitt Romney believes small business owners should have a friend in the White House, not a president who makes it harder for them to thrive and denigrates their success." —Andrea Saul, Romney Campaign Spokesperson

A New Study Released Today By The National Federation Of Independent Business Shows President Obama's Tax Increases Will Hurt Small Businesses And Cost The Economy Over 700,000 Jobs:

The Report — Published By Ernst & Young — Shows President Obama's Tax Increases "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)

"Over Time The Economy Would Be 1.3 Percent Smaller And There Would Be 710,000 Fewer Jobs." "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)

"Together With The New 3.8 Percent Tax On Investment Income Introduced In The Health Care Reform Law, The Study Finds That The Top Tax Rate On Pass-Through Business Income Would Skyrocket From 35 To Nearly 45 Percent." (NFIB, Press Release, 7/17/12)

Both President Obama's Policies And His Rhetoric Are Hostile To Small Business Owners, Entrepreneurs, And Job Creators:

President Obama, At A Campaign Rally On Friday Night: "If You've Got A Business, You Didn't Build That. Somebody Else Made That Happen." OBAMA: "Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you've got a business, you didn't build that. Somebody else made that happen. The Internet didn't get invented on its own. Government research created the Internet so that all the companies could make money off the Internet." (President Barack Obama, Remarks in Roanoke, VA, 7/13/12)

While Proposing Job-Killing Tax Increases Amid A Slowing Economy, President Obama Has Taken Care Of His Donors With Political Payoffs:

"Nearly 200 Of [President Obama's] Biggest Donors Have Landed Plum Government Jobs And Advisory Posts, Won Federal Contracts Worth Millions Of Dollars For Their Business Interests..." "More than two years after President Obama took office vowing to banish 'special interests' from his administration, nearly 200 of his biggest donors have landed plum government jobs and advisory posts, won federal contracts worth millions of dollars for their business interests or attended numerous elite White House meetings and social events, an investigation by iWatch News has found." (Fred Schulte, et al, "Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More," iWatch News, 6/15/11)

Top Obama Fundraisers Worked In His Department Of Energy "As It Showered Billions In Taxpayer-Backed Stimulus Money On Alternative Energy Firms." "Several of Barack Obama's top campaign supporters went from soliciting political contributions to working from within the Energy Department as it showered billions in taxpayer-backed stimulus money on alternative energy firms, iWatch News and ABC News have learned." (Ronnie Green and Matthew Mosk, "Bundlers On The Inside," iWatch, 9/29/11)

"Several Political Allies" Of President Obama Had "Ties To Companies Receiving Chunks" Of Taxpayer Money From The Stimulus. "A joint investigation by ABC News and the Center for Public Integrity that will air on World News with Diane Sawyer tonight has found that Westly is just one of several political allies of the president who have ties to companies receiving chunks of that money through loans, grants, or loan guarantees." (Brian Ross and Matthew Mosk, "Did Obama Administration Play Favorites With Energy Loans?," ABC News, 10/30/11)

As President Obama's Donors And Allies Got Handouts And Special Access, Small Businesses Are Struggling In The Obama Economy:

"Small-Business Owners Grew More Pessimistic In June ... The Latest Sign That The Economic Recovery Has Slowed." "Small-business owners grew more pessimistic in June, according to an industry index, in just the latest sign that the economic recovery has slowed. The National Federation of Independent Business said Tuesday that its small-business optimism index plunged three points, to 91.4, in June, wiping away incremental growth from earlier this year and dropping the index back to roughly its October 2011 level." (Bernie Becker, "Small-Business Optimism Takes A Tumble," The Hill, 7/10/12)

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," PolitiFact.com, 3/23/12)

Nearly Three-Quarters Of Small-Business Owners Blame Obamacare For Hurting Job Creation. "As part of the explanation for the general economic pessimism, 78 percent of small businesses believe that taxation, regulation and legislation from Washington make it harder for businesses to hire more employees — and 74 percent blame the recent health care reforms passed by the Obama administration for creating an impediment to job creation." (Tim Mak, "Chamber Poll: Small Biz Blames D.C.," Politico, 1/18/12)

"Business Owners Remain On Edge Regarding The Tidal Wave Of Federal Government Regulation." "'Business owners remain on edge regarding the tidal wave of federal government regulation that has been advanced or proposed over the past two years. ... The pain of the harsh recession was intensified and lengthened by this hyper-regulatory environment,' Karen Kerrigan, president of the Small Business and Entrepreneurship Council, wrote in a Jan. 12 letter to Issa." (Philip Rucker and David S. Hilzenrath, "GOP Eyes Rules That Firms Say Hurt Jobs," The Washington Post, 2/7/11)

Mitt Romney, Romney Campaign Press Release - New Study: Obama Tax Increases Will Hurt Small Business And Kill Jobs Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/301655

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