Romney Campaign Press Release - Another Obama Term Means Higher Taxes And Stifled Growth From Obamacare

"Obamacare is yet another example of where President Obama has failed to live up to his own promises. Instead of making health care more affordable and accessible, Obamacare has caused premiums to rise and has jeopardized the health care plans of millions of Americans. On Day One, Mitt Romney will begin the process of ending Obamacare and replacing it with reforms that emphasize market competition and patient choice." –Andrea Saul, Romney Campaign Spokesperson

DAY ONE OF A SECOND OBAMA TERM: NEW OBAMACARE TAXES & STIFLED GROWTH

Starting In 2013, Obamacare Will Hit The Economy With The Largest Tax Hike In Nearly Two Decades:

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)

Starting In 2013, Obamacare Will Raise Nearly $30 Billion In New Excise Taxes On Life-Saving Medical Devices. "'Taxmageddon' isn't only about the half-trillion-dollar blow to the economy that arrives in 2013 on the end of the Bush-Obama tax rates. Several of the Affordable Care Act's worst tax increases kick in too, such as the new excise tax on medical devices. The 2.3% levy applies to the sale of everything from cardiac defibrillators to artificial joints to MRI scanners. The device tax is supposed to raise $28.5 billion from 2013 to 2022, and it is especially harmful because it applies to gross sales, not profits." (Editorial, "Improvised Explosive Device Tax," The Wall Street Journal, 6/7/12)

· The Medical Device Tax "Is Especially Harmful Because It Applies To Gross Sales, Not Profits." "The 2.3% levy applies to the sale of everything from cardiac defibrillators to artificial joints to MRI scanners. The device tax is supposed to raise $28.5 billion from 2013 to 2022, and it is especially harmful because it applies to gross sales, not profits." (Editorial, "Improvised Explosive Device Tax," The Wall Street Journal, 6/7/12)

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)

· "These New Taxes Aren't Indexed For Inflation, So Many Middle-Class Families Will Soon Be Considered Rich And Pay The Surcharge..." "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?" (Editorial, "Taxes Upon Taxes Upon...," The Wall Street Journal, 7/11/11)

And Obamacare Will Hit The Economy With Trillions In New Spending And Could Cause Millions Of Americans To Lose Their Existing Health Care Plans:

Obamacare Will Begin Racking Up $1.76 Trillion In New Spending Over The Next Decade. "President Obama's national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law." (Philip Klein, "CBO: Obamacare To Cost $1.76 Trillion Over 10 Yrs," The Washington Examiner, 3/13/12)

Obamacare Could Force Millions Of Americans Off Their Employer-Provided Coverage And On To "Government-Based Programs." "A Congressional Budget Office report issued this week says that 3 million to 5 million people could move from employer-based health care plans to government-based programs as the Affordable Care Act takes effect. And in the worst-case scenario, it could be as many as 20 million." (David Nather, "Health Care Reform: 4 Inconvenient Truths," Politico, 3/16/12)

Obamacare Will Continue To Make Health Care "Less Affordable" And Cause "Insurance Premiums To Rise." "At the moment, the new law is making health care slightly less affordable. Independent health care experts say the law has caused some insurance premiums to rise. As we wrote in October, the new law has caused about a 1 percent to 3 percent increase in health insurance premiums for employer-sponsored family plans because of requirements for increased benefits. Last year's premium increases cast even more doubt on another promise the president has made - that the health care law would 'lower premiums by up to $2,500 for a typical family per year.'" (D'Angelo Gore, "Promises, Promises," Factcheck.org, 1/4/12)

DAY ONE OF A ROMNEY PRESIDENCY: IMMEDIATE STEPS TO REPEAL AND REPLACE OBAMACARE

On Day One Of His Presidency, Mitt Romney Will Take Immediate Action To Repeal And Replace Obamacare:

As President, Mitt Romney Repeal And Replace Obamacare Starting From Day One. "Days before President Obama's signature healthcare law goes in front of the Supreme Court, GOP front-runner Mitt Romney vowed to repeal and replace the law, speaking to a supportive crowd in a suburb of New Orleans. 'It's critical that we repeal Obamacare and, by the way, also replace it,' he said. 'I think I'm the only person in this race who's laid out what I would replace it with.'" (Alana Semuels, "Romney Vows To Repeal And Replace 'Obamacare' On Law's Anniversary," Los Angeles Times, 3/23/12)

Mitt Romney Will "Give A Waiver To All 50 States" That Immediately Stops Obamacare And Returns "Healthcare Responsibilities To The States." "Romney said he plans to give a waiver to all 50 states discontinuing the president's plan – known formally as the Patient Protection and Affordable Care Act -- and returning healthcare responsibilities to the states." (Alana Semuels, "Romney Vows To Repeal And Replace 'Obamacare' On Law's Anniversary," Los Angeles Times, 3/23/12)

A Romney Presidency Will Also Mean Extra Flexibility For States And Tax Breaks To Help Individuals Purchase Their Own Insurance. "He wants to take Medicaid money administered by the federal government and give it to states as block grants. His plan also includes giving individuals the same tax break that companies get when they buy insurance for their employees, allowing individuals to buy insurance across state lines, and encouraging consumers to shop around for the least expensive medical services, creating competition among healthcare providers." (Alana Semuels, "Romney Vows To Repeal And Replace 'Obamacare' On Law's Anniversary," Los Angeles Times, 3/23/12)

Mitt Romney, On Obamacare: "Abolishing It And Putting Sensible Changes In Its Place Will Be One Of My Highest Priorities As President." "Whatever the Supreme Court decides about the constitutionality of Obamacare, we already know that it is bad policy and wrong for America. Abolishing it and putting sensible changes in its place will be one of my highest priorities as president." (Mitt Romney, Op-Ed, "Why I'd Repeal Obamacare," USA Today, 3/23/12)