America’s Small Businesses Can’t Afford Romney Economics
Key Point: Today Mitt Romney is distorting the President’s support for America’s small businesses. President Obama has helped small businesses grow, create jobs and lift up their communities. Romney Economics fails to help small businesses and doubles down on failed policies of the past.
Romney Economics: As a corporate-buyout specialist, Romney cared about maximizing profits for himself and his investors, not creating jobs or helping companies grow.
- Two Sets of Rules: Romney Economics is about two sets of rules – one for Romney and others at the top, and another for everyone else. Now he wants to bring that same set of values to the entire country.
- Massachusetts: As governor, Romney raised taxes and fees on hardworking families and small businesses more than 1000 times. Romney Economics didn’t work then and it won’t work now. On issue after issue, it fails to help small businesses and would roll back what the President has done to support them.
Taxes: Small businesses are the backbone of our communities, creating two out of every three new jobs each year. Lower taxes help them grow and create jobs.
- President Obama cut taxes for small businesses 18 times, helping them grow and create jobs while lowering their costs. He’s urging Congress to pass a new 10 percent income tax credit for small businesses that hire new workers or give their current employees a raise.
- Romney Economics means tax cuts for the wealthy and big corporations. He’d cut taxes for corporations by more than a third – costing taxpayers nearly $1 trillion over the next decade. These cuts would almost entirely go toward the largest businesses, which pay more than 90 percent of corporate taxes while representing only a tiny share of firms.
Accessing Credit: Small business loans are a critical part of helping small businesses grow, create jobs and lift up their communities.
- President Obama has so far helped more than 150,000 small businesses receive Small Business Administration-supported loans so they could expand, invest and hire workers.
- Romney Economics means fewer small business loans. He endorsed a budget that could gut the SBA by nearly 20 percent, preventing small businesses from getting loans that are critical to helping them grow.
Investments: Restoring middle-class security for small businesses means we need to out-innovate, out-educate and out-build the rest of the world.
- President Obama is helping America lead the world in college graduates, strengthening innovation and manufacturing, and building a 21st century infrastructure. He’s ensuring our economy is built to last and rewards hard work.
- Romney Economics would hurt the middle class to pay for tax cuts weighted toward the wealthy. He’d gut investments in areas important to small businesses, like education, training, innovation, manufacturing and infrastructure.