“President Obama’s plan to raise taxes will have a crushing impact on economic growth,” Mitt Romney said in a statement. “Higher taxes mean fewer jobs – it’s that simple. This is yet another indication that President Obama has no clue how to bring our economy back. I encourage President Obama to look at my detailed economic plan to create long-term growth and prosperity for our nation. The only way to get our economy moving again is to elect a president who understands how to create jobs and rein in spending – that is why I am running.”
I’ll update this post as other candidates send in their statements about President Obama’s proposed $1.5 trillion in tax hikes.
UPDATE: Rick Perry and Jon Huntsman have both issued statements critical of President Obama’s speech this morning.
“President Obama’s plan is a bait and switch that offers more than a trillion dollars in higher taxes for a promise of temporary tax relief,” Perry said. “The president penalizes investment when it is needed most, discourages charitable giving and doubles down on a failed government stimulus strategy. Worst of all, the Obama plan fails to provide the certainty employers need to create jobs and the spending and deficit reduction our economy needs.”
“President Obama continues to demonstrate that he has no new ideas on how to create American jobs,” Huntsman said. “For two and a half years he’s been peddling a version of the Buffett Tax Hike as a key pillar of his failed attempt to tax and spend and regulate this country to prosperity. That simply hasn’t worked and it won’t work now. President Obama’s veto threats and partisan demands are a poor attempt to camouflage a $1.5 trillion tax hike that is deeply misguided and the latest example of his ineffective leadership on the economy.
“The most important thing Congress and the super-committee can do is deal with the structural problems that are causing our debt and impeding job creation,” he added. “Meaningful entitlement reform and revenue-neutral tax reform should be priority #1; tax increases should not make the list.”
UPDATE II: Ron Paul and Michele Bachmann have now also spoken out.
“President Obama and his administration refuse to confront the realities of our situation and the actions that are necessary,” Paul said. “We must reduce spending, instead they pretend that the budget can be balanced and prosperity restored by increasing spending and taxes. Instead of raising taxes, this administration should cut corporate welfare, foreign welfare and end the trillion dollars overseas wars by bringing troops home.”
“These would be sound policy actions, the kind that create prosperity and engender greater freedom,” Paul added. “These are the kind of policies that a President Ron Paul will advocate for and institute to restore limited government principles and a strong America.”
“Mr. President – you don’t create jobs by increasing taxes on job creators,” Bachmann said in a statement. “The president’s plan to raise taxes on the American people is the wrong policy to create economic growth and jobs and shows he doesn’t understand how to turn our economy around. … The President’s gimmicks and tax increases on the backs of small business and the middle class won’t grow our economy. Only permanent fixes will. The President should allow for repatriation of American money overseas, truly reform the entire tax code so it fairer and flatter on all Americans, and get rid of job killing regulations, including on the energy sector, which will create millions of jobs.”
“If Warren Buffett believes he doesn’t pay enough taxes,” Bachmann continued, “then he should write a check today to the Treasury, but he and the President shouldn’t enact warfare on the millions of small businesses, on charities and on middle class America with increased tax burdens. The President is compromising the future of our children with his plan to continue spending and increase taxes, and he is ruining the American economy.”