Romney Campaign Press Release - The Upside-Down Obama Economy: More Job-Killing Tax Hikes

"After pledging three years ago to not raise taxes in a recession, President Obama is hitting the campaign trail to push for one of the largest tax hikes in history. But with the Obama economy already upside down for millions of struggling Americans, it's clear the country simply can't afford billions of dollars in new taxes on job creators. From Day One, Mitt Romney will work to keep taxes low and fundamentally reform the tax code to encourage economic growth." —Amanda Henneberg, Romney Campaign Spokesperson

President Obama Is Turning The Economy Upside Down With His Calls For Massive Tax Hikes On Families And Job Creators:

Today, President Obama Is Traveling To Virginia To Campaign For Higher Taxes On Families And Job Creators. "President Obama is embarking on a two-day campaign swing through Virginia on Friday seeking to build enthusiasm for his economic plan in the face of persistent high unemployment. Obama will make tax fairness a centerpiece of his pitch to Virginians over the next two days at half a dozen campaign stops starting in Virginia Beach and ending in Fairfax County, campaign officials said." (Hayley Peterson, "Obama Will Push His Economic Plan In Virginia Swing," The Washington Examiner, 7/12/12)

President Obama's Tax Plan Will Hike Taxes As High As 41% For "Tens Of Thousands Of Job-Creating Businesses." "So the 2013 tax cliff is a big enough economic problem that President Obama now wants to postpone it for some taxpayers. But it isn't so big that he's willing to curb his desire to raise taxes on tens of thousands of job-creating businesses. ... But Mr. Obama is demanding tax increases, not tax cuts, and large increases at that. If the Bush tax rates expire as scheduled on December 31, rates on the top two income brackets will jump to 39.6% from 35%, and 36% from 33%. Add the scheduled return of income phaseouts for exemptions and deductions, and the rates go up another two-percentage points—to at least 41% and 35%." (Editorial, "Off The Tax Cliff He Goes," The Wall Street Journal, 7/9/12)

• President Obama's Massive Tax Hikes "Would Mean Higher Taxes On 53 Percent Of Business Income Reported On Individual Returns." "President Barack Obama's plan to raise tax rates for the top 2 percent of U.S. households would mean higher taxes on 53 percent of business income reported on individual returns, according to the Joint Committee on Taxation. The nonpartisan analysts prepared the data at the request of Republicans on the Senate Finance Committee." (Richard Rubin, "Obama Plan Means Higher Taxes On 53% Of Business Income: Study," Bloomberg, 6/19/12)

"[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)

And President Obama Has Already Driven Tax Burdens Up For Many Struggling Businesses And Families Through Obamacare:

The Nonpartisan Congressional Budget Office Estimated That Obamacare Will Raise Taxes By More Than $500 Billion Over Its First 10 Years. (CBO Director Douglas W. Elmendorf, Testimony, U.S. House Of Representatives, 3/30/11)

• 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)

Obamacare Contained A New Tax On Medical Devices That Could Force Businesses To Shift More Than 40,000 Jobs Overseas. "The medical device industry says it could lose 10 percent of its U.S. workforce because of a tax created by healthcare reform. The Advanced Medical Technology Association (AdvaMed) released a report Wednesday that says device-makers might ship 43,000 jobs overseas once the tax takes effect in 2013." (Sam Baker, "Device-Makers Say Tax Will Cost 43,000 US Jobs," The Hill, 9/7/11)

• "Diana Furchtgott-Roth, A Senior Fellow At The Hudson Institute, Said Device Firms Are Already Moving Their Operations To Other Countries And That The Trend Will Accelerate If The Device Tax Is Left In Place." (Sam Baker, "Device-Makers Say Tax Will Cost 43,000 US Jobs," The Hill, 9/7/11)

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)