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Romney Campaign Press Release - Tomorrow's Headlines Today: What a Second Obama Term Would Look Like

March 27, 2012

"President Obama's assertion that he will have 'more flexibility' if elected to a second term was a revealing and unguarded moment. He would have 'flexibility' to pursue job-killing tax increases, for example, without having to face voters again. President Obama needs to level with the American public about what they will face in a second Obama term while they still have a chance to hold him accountable." —Andrea Saul, Romney Campaign Spokeswoman

Starting In 2013, Obamacare's $525 Billion In New Taxes Will Begin Hitting The Economy:

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)

The Nonpartisan Congressional Budget Office Estimated That Obamacare Will Raise Taxes By $525 Billion Over Its First 10 Years. (CBO Director Douglas W. Elmendorf, Testimony, U.S. House Of Representatives, 3/30/11)

Starting In 2013, Medical Devices Will Be Hit With $20 Billion In Excise Taxes. "Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. That's estimated to raise $20 billion." (Editorial, "Taxes Upon Taxes Upon..." The Wall Street Journal, 7/11/11)

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)

In 2013, President Obama Will Usher In "One Of The Biggest Tax Increases In History":

President Obama, On The Timing Of His Tax Hikes: "Nobody Is Looking To Raise Taxes Right Now. We're Talking About Potentially 2013 And The Out-Years." OBAMA: "That is a reasonable proposition.  So when you hear folks saying, well, the President shouldn't want massive, job-killing tax increases when the economy is this weak -- nobody is looking to raise taxes right now.  We're talking about potentially 2013 and the out-years." (President Barack Obama, Press Conference, 7/11/11)

"Obama Would Block Extension Of The Reductions, Either As A Final Act In Office After Losing The November 2012 Election Or After Winning A Second Term." "A White House official argued Sunday that the president had another trump card to play: the scheduled expiration of the George W. Bush tax cuts at the end of 2012. Obama would block extension of the reductions, either as a final act in office after losing the November 2012 election or after winning a second term." (Peter Wallsten and David Nakamura, "Did Obama Capitulate — Or Is This A Cagey Move?" The Washington Post, 7/31/11)

"[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)

Mitt Romney, Romney Campaign Press Release - Tomorrow's Headlines Today: What a Second Obama Term Would Look Like Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/300734

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