With the presidential campaign shifting back to the economy, Mitt Romney on Wednesday attacked President Obama’s new tax plan, saying it amounts to a major tax increase.
The former Massachusetts governor, campaigning in Arizona ahead of a debate later Wednesday, said Mr. Obama is only trying to tackle one part of the jobs problem, and said the plan his administration announced this week fails.
“It sounds like he’s lowering taxes, but in fact he’s raising taxes — raising taxes on businesses by hundreds of billions of dollars,” Mr. Romney said.
Mr. Obama’s tax plan would eliminate a number of existing tax breaks and subsidies for corporations and reduce the marginal corporate income tax rate from 35 percent down to 28 percent.
Mr. Romney, though, said the president is ignoring all of the small businesses that file their taxes as individual income, and said the president is failing to get a grip on deficits, which also crowd out private investment.
“We’ve got to have more jobs, less debt and smaller government. They go together. You can’t just do one of those things by itself,” he said.