With less than 26 days to go before election day, the race for the White House is heating up.
Mitt Romney’s campaign accused President Obama on tax increases on the middle class and small businesses.
“During his first four years in office, President Obama hiked taxes 21 times, including a new tax on millions of middle-class Americans. And a second Obama term will deliver more of the same, with looming tax increases on the middle class and small businesses. Americans simply can’t afford another four years of President Obama’s job-destroying taxes. As president, Mitt Romney will implement pro-growth tax reforms that create millions of good-paying jobs and greater prosperity for all Americans.” Andrea Saul, Romney Campaign Spokesperson said.
According To The Nonpartisan Congressional Budget Office, Obamacare Raises Taxes By Approximately $1 Trillion.
Obamacare Contained “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.
President Obama Has Passed At Least 21 Tax Hikes As A Part Of Obamacare. (U.S. House Committee On Ways & Means, 7/25/12.
President Obama Raised Taxes On Nearly 5 Million Middle-Class Americans In Obamacare. (“Payments Of Penalties For Being Uninsured Under The Affordable Care Act,” Congressional Budget Office, 9/12/12.
An Analysis By The Congressional Budget Office Found That “Nearly 80 Percent Of Those Who’ll Face” Obamacare’s Mandate Tax Are In The Middle Class. “Nonetheless, in his first campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000. And the budget office analysis found that nearly 80 percent of those who’ll face the penalty would be making up to or less than five times the federal poverty level.” (“Tax Penalty To Hit Nearly 6M Uninsured People,” The Associated Press, 9/19/12.
And President Obama Is Promising More Of The Same In A Second Term – $4,000 In Middle-Class Tax Hikes And Job-Destroying Tax Hikes On Small Businesses
The 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.
President Obama’s Second-Term Tax Plan Will Hike Taxes On Small-Businesses And 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.
President Obama’s 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.”
A Nonpartisan Study From The National Federation Of Independent Business Determined The Obama Plan Will Shrink The Economy By 1.3 Percent. “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.
Under President Obama’s Plan, Small Businesses Will See Their Taxes Increase 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.