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Tuesday
Jul082008

NH GOP - NH Small Biz for McCain

Notes Obama's plans to raise taxes on even those making $32,000 per year

Concord, NH –New Hampshire Republican Party Chairman Fergus Cullen issued the following statement regarding the endorsement of John McCain's Jobs for America plan byover 300 professional economists and a coalition of New Hampshire small business owners:

"Today's press conference in Concord where over 70 New Hampshire small business leaders endorsed John McCain's Job First economic plan is a good example of the way Granite State businessmen see the choice in this presidential race -- between a proven reformer who will lower the tax burden on small business owners in the state or a tax and spend liberal who will raise taxes on NH businesses and middle class workers.

“While John McCain's Jobs for America economic plan received endorsements from over 300 professional economists today (including Nobel Prize winners, business economists with experience in the private sector, policy economists with experience in government and academic economists from major universities and state and community colleges), Barack Obama's economic plan seems to be nothing more than raising taxes on middle class Americans - even those earning $32,000 per year."

BACKGROUND:

John McCain's Pro-Growth, Pro-Job Creation Tax Policy:

MIDDLE CLASS TAX CUTS: John McCain will cut taxes on middle class families. He will phase out and eliminate the Alternative Minimum Tax (AMT) saving a middle class familywith children an average of over $2,700. He will also double the personal exemption for dependents.

PRO-GROWTH TAX POLICY: John McCain will keep taxes low by fighting efforts to raise taxes and making it harder to raise taxes. He will keep the current rates on dividends and capital gains while permitting businesses to immediately deduct the cost of equipment and technology.

CORPORATE TAX CUT: John McCain will reduce the federal corporate tax rate to 25 percent from 35 percent. This will help keep jobs with health and retirement benefits in America.

INNOVATION TAX CUTS: John McCain will ban Internet taxes and new cell phone taxes, and establish a permanent tax credit on research and development.

SIMPLER TAXES: John McCain proposes an alternative new and simpler tax system. When this is enacted, all who wish to stay under the current system could still do so, but everyone else could choose a vastly less complicated system with two tax rates and a generous standard deduction.

Obama Pledged Not To Raise Taxes On Middle Class Americans, But Voted In Favor Of The Democrats' FY 2009 Budget, Which Would Raise Tax Rates For Americans Earning $31,850 Or More:

Obama Pledged To Not Raise Taxes On The Middle Class. ABC's George Stephanopoulos: "Would you take the same pledge [that there will be no middle class tax increases of any kind]?" Obama: "Well, I not only have pledged not to raise their taxes, I've been the first candidate in this race to specifically say I would cut their taxes." (ABC Democrat Candidates Presidential Debate, Philadelphia, PA,4/16/08)

  • Obama: "I'll Give A Tax Cut To Working People..." (Sen. Barack Obama, Remarks At A Campaign Rally, Denver, CO, 1/30/08)

Obama Voted Twice In Favor Of The Democrats' FY 2009 Budget Resolution. (S. Con. Res. 70, CQ Vote #85, Adopted 51-44:R 2-43; D 47-1; I 2-0, 3/14/08, Obama Voted Yea; S. Con. Res. 70, CQ Vote #142:Adopted 48- 45: R 2- 44; D 44- 1; I 2-0, 6/4/08, Obama Voted Yea)

  • The Democrats' Budget Would Raise Taxes On Individuals Earning $31,850 Or More. "Under both Democratic plans, tax rates would increase by 3 percentage points for each of the 25 percent, 28 percent and 33 percent brackets. At present, the 25 percent bracket begins at $31,850 for individuals and $63,700 for married couples. The 35 percent bracket on incomes over $349,700 would jump to 39.6 percent." (Andrew Taylor, "Presidential Hopefuls To Vote On Budget," The Associated Press , 3/13/08)

Obama Claims He Wants To "Keep Taxes As Low As Possible," But Repeatedly Voted For Higher Taxes In The U.S. Senate And The Illinois State Senate:

Obama: "First of all, I don't want higher taxes, I have to pay taxes, and it's no fun. You know I think sometimes there's this presumption that Democrats, we just love taxing people. No, I would prefer to keep taxes as low as possible." (ABC's "The View,"3/28/08)
Obama Voted At Least 94 Times For Higher Taxes In The U.S.Senate. (RNCResearch)

  • To Date, Obama Has Voted For A Tax Increase Approximately Once Every Five Days Congress Has Been In Session. (RNC Research; The Library Of Congress Website, thomas.loc.gov, Accessed 6/8/08)

In The State Senate, Obama Supported "Hundreds Of Tax Increases." ABC's Terry Moran: "[O]bama was considered a reliable liberal Democratic vote in Illinois. For instance, voting for most guncontrol measures, opposing efforts to ban so-called partial birth abortions and supporting hundreds of tax increases." (ABC's "Nightline,"2/25/08)

SAY ONE THING DO ANOTHER ON BUSINESS TAX RATES

Obama Is Now Considering Reducing Corporate Taxes After Criticizing John McCain's Plan To Do So:

The Wall Street Journal Reported That Obama Would Consider Lowering Corporate Taxes. "Sen. Obama's nod to lowering corporate taxes comes as Republicans have been attacking him for proposals that would raise the cost of doing business, such as his pledge to raise the tax rate on capital gains, and his vow to increase the top income-tax rates, which are often used by small, unincorporated enterprises. He didn't say how deeply he would cut the rate, but said it could be trimmed in return for reducing corporate tax breaks, simplifying the tax system." (Bob Davis and Amy Chozick, "Obama Plans Spending Boost, Possible Cut In Business Tax," The Wall Street Journal , 6/17/08)

  • Obama: "If we could eliminate loopholes in taxes, create a level playing field, then I think there's the possibility to reducing corporate rates." (Bob Davis and Amy Chozick, "Barack Obama On Economics: 'We're Going Through A Big Shift,'" The Wall Street Journal , 6/16/08)

FLASHBACK: In May 2008, Obama Called Corporate Tax Cuts "The Exact Wrong Prescription For America." Obama:"And his proposals, which are essentially $300 billion worth of corporate tax cuts ... I think is the exact wrong prescription for America." (NBC's "Meet The Press," 5/4/08)

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