The National Republican Senatorial Committee today issued the following statement regarding President Obama’s call for higher taxes on job creators, a position that has been echoed by Senator Bob Casey:

“President Obama and Bob Casey have long supported higher taxes, bigger government and increased spending, so their support for yet another massive tax hike on Pennsylvania small businesses comes as little surprise.  But in the wake of another weak jobs report, a massive health care bill that increases taxes on the middle class and a growing $15 trillion debt, why can’t Bob Casey answer one very simple question – how does raising taxes on Pennsylvania small businesses create jobs?”  — Lance Trover, NRSC Spokesman

BACKGROUND … 

FLASHBACK – President Obama: “The Last Thing You Want To Do Is Raise Taxes In The Middle Of A Recession.” (President Obama, Remarks During An Interview With NBC, Elkhart, IN, 8/5/09)

OBAMA-CASEY SOLUTION FOR THE 23 MILLION AMERICANS STRUGGLING TO FIND WORK IS TO RAISE TAXES ON JOB CREATORS AND SMALL BUSINESSES

• Roughly 940,000 small businesses will be hit by a big tax hike. According to the National Federation of Independent Business (NFIB), “75 percent of small businesses are organized as pass-through entities meaning they pay taxes on their business income at the individual rate.” The Joint Committee on Taxation (JCT) estimates the tax hike would hit about 940,000 small businesses (see more here from ABC News). 

• Half of all small business income would face higher taxes. According to Bloomberg News, analysis by JCT also shows President Obama’s plan for massive tax hikes “would mean higher taxes on 53 percent of business income reported on individual returns.”

• More than a quarter of American workers’ jobs are at risk. “According to U.S. Census data,” says NFIB, small businesses “employ more than 25 percent of the total workforce.” Raising taxes on small businesses threatens these jobs – the last thing we need to do in a weak economy. 

Today’s Economy Weaker Than When Obama Extended All Tax Rates

2010 Economic Growth: 3.1%

Real GDP growth over the four quarters before Dec. 2010 tax rate extension: 3.1% (“Table 1.1.1, Percent Change From Preceding Period In Real Gross Domestic Product,” Bureau Of Economic Analysis, Accessed 7/9/12) 

2012 Economic Growth: 2.0%

Real GDP growth over the previous four quarters: 2.0% (“Table 1.1.1, Percent Change From Preceding Period In Real Gross Domestic Product,” Bureau Of Economic Analysis, Accessed 7/9/12) 

In 2010, Obama Said Tax Increases ‘Would Have Been A Blow To Our Economy’

PRESIDENT OBAMA: “…tax rates for every American were poised to automatically increase on January 1st… would have been a blow to our economy just as we’re climbing out of a devastating recession.” (President Obama, Remarks At Bill Signing, 12/17/10) 

• OBAMA: “If we allow these taxes to go up, the result would be that a lot of people most likely would spend less, and that means that the economy would grow less.” (President Obama, Remarks, Kokomo, IN, 11/23/10) 

• OBAMA: “You don’t raise taxes in a recession.” (“Obama: We Must ‘Help Elkhart Reinvent Itself,’” MSNBC, 8/5/09; Video Here)

BOB CASEY’S TAX-AND-SPEND RECORD, JUST LIKE OBAMA’S

Casey Voted For Cloture On A Bill That Would Raise Taxes On Income Over $200,000 For Individuals And Over $250,000 For Married Couples Filing Joint Returns. “Motion to invoke cloture (thus limiting debate) on the Reid, D-Nev., motion to concur in the House amendment to the Senate amendment with a further Baucus, D-Mont., substitute amendment no. 4727 that would make permanent the 2001- and 2003-enacted tax cuts on income up to $200,000 for individuals and $250,000 for married couples filing joint returns. The extensions would include current lower tax rates for capital gains and dividends, elimination of the ‘marriage penalty’ and an expansion of the increased child tax credit. It also would extend unemployment insurance benefits for 13 months.” (H.R. 4853, CQ Vote #258: Motion rejected by a vote of 53-36: R 0-31; D 52-4; I 1-1, 12/4/10, Casey Voted Yea)

Casey Voted To Invoke Cloture On Legislation That Would Raise Taxes On Income Over $1 Million. “Motion to invoke cloture (thus limiting debate) on the Reid, D-Nev., motion to concur in the House amendment to the Senate amendment with a further Schumer, D-N.Y., substitute amendment no. 4728 that would generally make permanent the 2001- and 2003-enacted tax cuts on income up to $1 million. The extensions would include current lower tax rates for capital gains and dividends, elimination of the ‘marriage penalty’ and an expansion of the increased child tax credit. It also would extend unemployment insurance benefits for one year.” (H.R. 4853, CQ Vote #259: Motion rejected by a vote of 53-37: R 0-32; D 52-4; I 1-1, 12/4/10, Casey Voted Yea)

Since 2007, Casey Has Voted Over 50 Times In Favor Of Higher Taxes. (Congressional Quarterly, www.cq.com, Accessed 8/29/11)