Weak Economic Data Is Casting A Shadow On Democrat Plans To Raise Taxes

In 2010, Obama Said Tax Hikes '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: "You don't raise taxes in a recession." ("Obama: We Must 'Help Elkhart Reinvent Itself,'" MSNBC, 8/5/09; Video Here)

New GDP Data: Economy 'Sluggish,' 'Slow,' 'Far Weaker Than Previously Believed'

BEA: "Real gross domestic product … increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter)…" ("National Income And Product Accounts, GDP: Second Quarter 2012 (Third Estimate)," Bureau Of Economic Analysis, 9/27/12)

• "The U.S. economy grew at an even more sluggish pace in the April-June quarter than previously believed… slow growth and anemic job creation…" ("US Economy Grew 1.3 Percent In Second Quarter," AP, 9/27/12)

• "The US economy grew 1.3 percent in the second quarter of the year, far weaker than previously believed…" ("US Economy Grew Only 1.3% In Q2: Official," AFP, 9/27/12)

• "Growth is still frustratingly slow, and economists often say the economy needs to expand at least 3% a year to bring the unemployment rate down significantly." ("GDP Report: Economic Growth Revised Lower," CNN Money, 9/27/12)

Dems Voted For Tax Hikes On Nearly A Million Businesses

GOVERNMENT STUDY: "The staff of the Joint Committee on Taxation estimates that in 2013 approximately 940,000 taxpayers with net positive business income … will have marginal rates of 36 or 39.6 percent under the President's proposal…" (Joint Committee On Taxation, Letter To Congressional Office, 6/18/12)

• 51 Democrats voted to hike taxes. (S.3412, Roll Call Vote #184, Bill Passed 51-48: R 0-46; D 50-1; I 1-1, 7/25/12)

"…Mr. Obama is demanding tax increases, not tax cuts, and large increases at that. If the Bush tax rates expire as scheduled on December 31, rates on the top two income brackets will jump to 39.6% from 35%, and 36% from 33%. … that includes tens of thousands of the most productive, fastest-growing small businesses—those most likely to hire workers amid a national jobless rate of 8.2%." ("Off The Tax Cliff He Goes," The Wall Street Journal, 7/9/12)

###