Rubio: Obama Tax Hikes Will Devastate American Consumers

Wednesday, 05 Dec 2012 05:23 PM

By Todd Beamon and John Bachman

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Florida Sen. Marco Rubio declared in an exclusive Newsmax TV interview that the nation’s middle-class consumers will be hardest hit by President Barack Obama’s proposed tax increases.

“When you raise taxes, the money has to come out of the private economy,” Rubio, the first-term GOP senator, tells Newsmax. “It’s coming out of a business somewhere, whose taxes are going to go up.

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“So how do businesses react? It has to raise the prices of their goods or services, which means the consumer is going to pay more. They’re going to cut back on how much they pay people or how many people they do hire. So they’re going to feel it at their place of employment. Sometimes they close down, which means they lose their jobs. And, a lot of the people whose taxes are going to go up are, in fact, middle-class folks.

Editor’s Note: Who’s to Blame for the Fiscal Cliff? Vote Here!

“What we need to make clear to people is that these taxes that the president’s proposing to raise is going to hit a lot of small businesses and mid-sized businesses that pay on their personal rate,” Rubio added. “Over half of the private-sector workers in America work for the kinds of businesses that the president wants to raise taxes on.

“And we get nothing in return for this in terms of the debt. The revenue that these increases would generate won’t even cover nine days’ worth of government. So we’re not going to make any difference to the debt, but we’re going to hurt job creation.”

Rubio, who received a leadership award on Tuesday from the Jack Kemp Foundation in Washington, said that reforming the tax code is as critical as raising tax revenue to reaching a deal to avoid the fiscal cliff.

“I support tax reform, which means flattening the tax code and looking at all of the exemptions and getting rid of those that don’t make any sense — but not as a way of generating revenue — but as a way of simplifying the tax code.

“The only way out of this hole that you’ve got to do both, have fiscal discipline,” Rubio said. “That means holding the line on future spending, with rapid economic growth to generate revenue. Not through new taxes, but through taxpayers. I will not support anything that doesn’t do both.

“We have to hold the line on spending, because if you grow your economy and generate more revenue — but you grow spending by as much or more — then you’re not doing anything. On the other hand, the only way you’re ever going to generate the revenue we need to fund basic government and bring down the debt is through rapid, vibrant economic growth — and you’re never going to get that with these tax increases.

“So I’m not supporting anything that hurts job creation,” Rubio said.
And there’s no other way around it, the former speaker of the Florida House of Representatives reiterated.

“You have to do both. Obviously, I would start always with the tax code, because it impacts a broader swath of people in the country. But regulations are right there with it, because regulations are like a tax. They cost money to comply with. And, every penny you have to spend complying with these taxes is money you don’t have to give your employees raises or hire more people or grow your business.

“A business either has to pass through these costs or they have to close,” he said. “And that’s not good for economy.”

Rubio remains optimistic that Capitol Hill will reach a fiscal deal before the end of the year.

“My hope is we’ll get something done. The immediate challenge is not doing anything that harms our economy, and then we need to really sit down in as bipartisan a way as possible and figure out how to solve our long-term problems.”

Editor’s Note: Who’s to Blame for the Fiscal Cliff? Vote Here!

“The fundamental problem we face, the real fiscal cliff, is that we owe $16 trillion and growing — and we spend $1 trillion a year more than we take in,” Rubio added. “We can’t keep doing that. It’s going to catch up with us sooner rather than later. In fact, we’re getting closer and closer to that point.

“I hope that everyone around here will take that very seriously because what they’re playing ‘chicken’ with is the greatest country in the history of the world, the most important country on the planet — and there’s a lot at stake here.

“The campaign’s over. It’s time to govern.”

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