Romney Campaign Press Release - President Obama's Taxing Proposal On Small Businesses

"President Obama continues to tout liberal studies calling for more tax hikes and more government spending. We've been down that road before — and it's led us to 41 straight months of unemployment above 8 percent. It's clear that the only plan President Obama has is more of the same. Mitt Romney believes that lower tax rates and less government will jump-start the economy and create jobs." — Ryan Williams, Romney Campaign Spokesman

Today, President Obama Will Discuss His Tax Plan During His Ohio Campaign Stop:

President Obama Is Campaigning In Ohio On His Tax Hike Plan. "Dueling with Republicans on taxes, President Barack Obama is urging the House to pass a tax cut for households earning less than $250,000 a year and drawing a bright line with rival Mitt Romney on a pocketbook issue for voters." (Ken Thomas, "Obama Pitches Tax Cuts As Pocketbook Issue In Ohio," The Associated Press, 8/1/12)

President Obama's Attack Is Based On A New Report From The Liberal Tax Policy Center. "It's an argument that Obama often makes, but as he speaks in Mansfield, Ohio, it will come with the added weight of a new report from the nonpartisan Tax Policy Center -- which is affiliated with the Urban Institute and the Brookings Institution -- that backs up his claim." (Jennifer Epstein, "Obama: Romney 'Asking You To Pay More So That People Like Him Can Get A Tax Cut'," Politico, 8/1/12)

What Won't President Obama Mention In Ohio? The 2.1 Million Business Owners Who Would Pay Higher Taxes Under The Obama Plan Or The 710,000 Lost Jobs:

NFIB's Study Found That President Obama's Tax Hikes Would Subject 2.1 Million Business Owners To Higher Taxes And Would 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)

• "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)

President Obama's Tax Plan "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)

President Obama's Plan To Raise Taxes Would Cost Ohio 27,500 Jobs. (Drs. Robert Carroll and Gerald Prante, "Long-Run Macroeconomic Impact Of Increasing Tax Rates On High-Income Taxpayers In 2013," Ernst & Young LLP, 7/12)

• The Obama Tax Plan Would Cost Ohio $6.5 Billion In Lost Economic Output. (Drs. Robert Carroll and Gerald Prante, "Long-Run Macroeconomic Impact Of Increasing Tax Rates On High-Income Taxpayers In 2013," Ernst & Young LLP, 7/12)

President Obama's Tax Plan Will Increase Taxes On Small Businesses To As High As 41%. "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)

Who Is President Obama Using To Back Up His Tax Plan? Partisan Democrats Who Favor Higher Taxes:

President Obama's So-Called Nonpartisan Tax Report Was Written By Samuel Brown, William Gale, And Adam Looney." (Samuel Brown, William Gale, and Adam Looney, "On The Distributional Effects Of Base-Broadening Income Tax Reform," Tax Policy Center, 8/1/12)

Adam Looney, Co-Author Of The Study, Was A Senior Economist For The Council Of Economic Advisers And An Aide In The Treasury Department Under President Obama. "Previously, Looney was the senior economist for public finance and tax policy with the President's Council of Economic Advisers and has been an economist at the Federal Reserve Board." ("Adam Looney," Brookings Institute, Accessed 8/1/12)

William Gale, Co-Author Of The Study, Supports Raising Revenues And Creating Another Stimulus. "As the debate over the so-called fiscal cliff and its potential effects continues in policy and political circles, it just may be the case that the U.S. economy will be set on a better path, says Brookings Institution senior fellow William Gale. ... And for good measure, tie in a temporary fiscal stimulus, he says. Enacting a payroll tax cut or government spending on infrastructure will have a stronger impact on the economy than the Bush tax cuts, Gale argues." (Allen McDuffee, "Fiscal cliff: Go Over It And Add Stimulus, Says Brookings' William Gale," The Washington Post, 7/31/12)

This Isn't The First Time President Obama Turned To His Democratic Allies To Back Up His Economic Policies:

At A Speech In  Ohio In July, President Obama Cited An Economic Analysis By Kimberly Clausing. "At a speech earlier today in Cincinnati, Ohio, President Obama cited economic analysis conducted by one of his campaign donors, Kimberly Clausing, and called her a 'non-partisan economist.'" (Daniel Halper, "Obama Cites Campaign Donor As 'Non-Partisan Economist'," Weekly Standard, 7/16/12)

Clausing Has Contributed $742 To Barack Obama During The 2008 And 2012 Cycles. (Center For Responsive Politics, Accessed 7/16/12)

Clausing Has Contributed $5,853 Exclusively To Democrat Candidates And Causes Since 1990. (Center For Responsive Politics, Accessed 7/16/12)