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Governor Romney Hammers President Obama’s Small Biz Tax Hike

In last night’s debate, President Obama doubled down on his small business tax hike that a recent report from the National Federation of Independent Business (NFIB) says will destroy more than 700,000 jobs. Governor Romney addressed the president’s job-crushing plan head on, stating that “I will not under any circumstances raise taxes on middle-income families.” The governor continued

 
“I've talked to a guy who has a very small business. He's in the electronics business in -- in St. Louis. He has four employees. He said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax. It added up to well over 50 percent of what they earned. And your plan is to take the tax rate on successful small businesses from 35 percent to 40 percent. The National Federation of Independent Businesses has said that will cost 700,000 jobs.
 
I don't want to cost jobs. My priority is jobs. And so what I do is I bring down the tax rates, lower deductions and exemptions, the same idea behind Bowles-Simpson, by the way, get the rates down, lower deductions and exemptions, to create more jobs, because there's nothing better for getting us to a balanced budget than having more people working, earning more money, paying more taxes. That's by far the most effective and efficient way to get this budget balanced.”
 
Governor Romney and House Republicans understand that raising taxes on small business destroys jobs, as Speaker Boehner said today in a statement: 
 
“President Obama is demanding a tax increase that a National Federation of Independent Business report confirms will hit many small businesses and destroy more than 700,000 jobs, a fact he refuses to deny or discuss.  His failure to personally address this report is characteristic of a president who has failed to lead on the economic challenges facing middle-class families and small business owners.  With so many jobs at stake, Americans deserve an answer from President Obama regarding Ernst & Young’s findings about the dire consequences of his small business tax hike.  If the president is concerned small business owners will discover he isn’t looking out for them, that ship sailed when he told our country’s job creators, ‘you didn’t build that.’
 
“As Americans continue asking ‘where are the jobs?,’ the Republican-led House has acted to stop the president’s small business tax hike and lay the groundwork for a pro-growth tax code that keeps jobs here and brings home jobs driven overseas by his policies.  We know what needs to be done to get our economy moving again, but we need a president willing to listen and lead, and this president is doing neither.”
 
The choice for a better future couldn’t be clearer this election season. 
 
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Tags: Debate, Jobs & Romney