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As president visits state, Romney camp says Obama policies would cost NH jobs

August 18. 2012 8:39PM

MANCHESTER -- The Mitt Romney presidential campaign used the occasion of President Obama's visit to the Granite State on Saturday to accuse the President of breaking promises made to New Hampshire senior citizens and setting a policy course that will cost the state 3,400 jobs.

As the President stumped in Rochester, Windham and Londonderry, Romney aides were reminding New Hampshire residents of statements the President made about Medicare three years ago.

'I just want to assure we're not talking about cutting Medicare benefits,' the President said at Portsmouth High School in 2009.

But Romney aides said Obama would cut Medicare by $716 billion, which would raise costs to seniors while cutting benefits.

The Obama campaign has said the $716 billion reduction in Medicare consists of reductions in Medicare Advantage subsidies for insurance companies, an agreement with hospitals to reduce reimbursement rates, and other reimbursement rate changes that, the campaign asserts, will not reduce benefits.

Romney campaign staffers also pointed to a study they say shows that Obama's proposal to increase taxes on the wealthiest Americans would cost the state 3,400 jobs and decrease business output by $900 million.

That study, prepared for the U.S. Chamber of Commerce and other groups, says that Obama's plan to increase the top tax rate, tax dividends as ordinary income and reduce the favorable tax treatment for capital gains would provide less incentive for some businesses to reinvest in the economy.

Specifically, the Republican campaign says that under the Obama plan, businesses in which income 'flows through' to the owner for taxation at the personal level would have less incentive to invest in growing their businesses.

Flow-through businesses include sole proprietorships, limited liability corporations and partnerships. The study says flow-through businesses employ 54 percent of Americans and pay 44 percent of taxes on business income.

The report was prepared by two economists with Ernst & Young, the nationwide accounting firm.

The presumptive Republican presidential nominee flew to Massachusetts on Saturday for a pair of fundraising events: a cocktail party on Cape Cod followed by a dinner for donors of $50,000 or more.

Romney and running mate Paul Ryan, U.S. representative from Wisconsin, will be at St. Anselm College on Monday for Romney's 100th town hall event.

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