Monday, September 19, 2011

GOP presidential candidates reject Obama’s new tax plan

The GOP12 candidates on Monday rushed to condemn President Obama’s plan to pay for his jobs bill by raising taxes on the wealthy and corporations, predicting the plan would fail to create jobs.

Rick Perry called Obama’s plan a “bait and switch that offers more than a trillion dollars in higher taxes for a promise of temporary tax relief.”

“The president penalizes investment when it is needed most, discourages charitable giving and doubles down on a failed government stimulus strategy,” Perry said.

Mitt Romney predicted it “will have a crushing impact on economic growth.”

Obama’s speech on Monday morning clarified a tax plan that would pay for his $447 billion jobs bill. Obama’s proposed $3 trillion deficit-cutting plan includes $1.5 trillion in tax hikes on the wealthy that incorporates the “Buffett rule” to ensure that millionaires pay more taxes proportionate to their incomes, and eliminated Bush-era tax rates on households with an annual income above $250,000.

"Higher taxes mean fewer jobs – it’s that simple," Romney said.

Michele Bachmann called Obama's plan a "gimmick" and slammed billionaire investor Warren Buffett, the inspiration for the "Buffett rule," who asked the administration to raise taxes on the "super-rich" class.

"If Warren Buffett believes he doesn't pay enough taxes, 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," she said in a statement released through her presidential campaign.

Jon Huntsman called the plan “deeply misguided” and blasted Obama for “peddling a version of the Buffett Tax Hike” throughout his presidency.

“That simply hasn't worked and it won't work now,” he said in a statement.

Herman Cain, another presidential hopeful, also released a statement rejecting Obama’s denial that his plan is “class warfare,” a phrase that House Republican leaders such as Budget Committee Chairman Rep. Paul Ryan (R-Wis.) have used to describe it.

“President Obama's once said, ‘You can put lipstick on a pig, but it's still a pig.’ I agree,” Cain said. “It doesn't matter that he calls it ‘paying your fair share.’ It's still class warfare.”

Ron Paul also doubled down on Obama's "class-baiting rhetoric" and predicted the plan would deal a "fatal broadside" to the American economy.

-- posted by Alicia M. Cohn