Democrats have been “put in [a] tight spot” by their threats to tank our economy and harm our national security if they don’t get a small business tax hike. A new Ernst & Young study found President Obama’s plan threatens more than 700,000 American jobs – a frightening prospect for families after more than three years of failed ‘stimulus’ spending, excessive regulations, and unemployment above 8 percent.

Here’s some of the coverage of the E&Y report, which shows how the president’s tax hike plan…

  • will lead to 710,000 fewer jobs and a decline in workers’ living standards.” (Washington Free Beacon, 7/17/12)
  • …could cost the already sputtering economy more than 700,000 jobs.” (Yahoo News, 7/17/12)
  • …would have a dire effect on the economic recovery” and “would sap $200 billion and some 700,000 jobs out of the economy, reduce wages by 1.8 percent and lead to a decrease in investment.” (The Hill, 7/17/12)
  • …will shrink the U.S. economy by 1.3 percent and cause 710,000 job losses, according to a new Ernst & Young report…” (Washington Examiner, 7/17/12)
  • …millions of small businesses could be forced to cut jobs and wages, placing an enormous strain on the already sluggish economic recovery…” (Washington Post, 7/18/12)
  • …the increased tax burden could fall heavily on small businesses that file their taxes in the individual code…” (National Journal, 7/17/12)
  • The U.S. would lose 710,000 jobs and economic output would decline by 1.3 percent, or $200 billion…” (Bloomberg News, 7/17/12)

President Obama had a message for small business job creators last weekend: “you didn't build that. Somebody else made that happen.”

But a small business tax hike that would destroy more than 700,000 American jobs? You did build that, Mr. President.

Republicans will soon vote to stop all of the tax hikes and lay the groundwork for a fairer, simpler tax code that closes loopholes, lowers rates for everyone, and helps bring home some of the jobs that have gone overseas.