Romney Campaign Press Release - President Obama's Policies Are Taxing For Small Business Owners

"President Obama and his campaign will do anything to avoid talking about his record of failure - and they certainly don't want to talk about his plans to increase taxes on entrepreneurs and small businesses. Too many Americans are struggling to find good jobs and make ends meet, and President Obama hasn't delivered for them. Mitt Romney will implement pro-growth tax policies, lower rates across the board, and press for a fairer, flatter, simpler tax code that will get our economy growing again." -Andrea Saul, Romney Campaign Spokesperson

Next Year, President Obama Will Impose "One Of The Biggest Tax Increases In History," Which Will Hit Many Small Business Owners:

"[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 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)

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 Has Also Pushed A Corporate Tax Hike Plan That Will Create Winners And Losers In The Tax Code:

In February, The Obama Administration Unveiled A New Tax Reform Plan That Raises Taxes On American Job Creators. "The Obama administration Wednesday will unveil a framework for reforming the corporate tax code that would lower the top rate from 35 percent to 28 percent but generate more total revenue by eliminating 'dozens of tax loopholes and subsidies' and creating a minimum rate on foreign earnings. Treasury Secretary Timothy Geithner will formally unveil the tax reform blueprint at 11:30 a.m." (Ben White, "White House To Call For Cutting Corporate Tax Rate," Politico, 2/22/12)

• "[T]he Package Would Seek To Raise $250 Billion More From Corporations Over The Next 10 Years." (Jim Puzzanghera, "Obama Wants To Cut Corporate Tax Rate To 28% As Part Of Overhaul," Los Angeles Times, 2/22/12)

President Obama's 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 Small Business Owners. "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)