The Republican response to President Barack Obama's latest tax plan: It's a massive tax increase.

"President Obama’s response to even more bad economic news is a massive tax increase. It just proves again that the President doesn't have a clue how to get America working again and help the middle class," said Andrea Saul, spokeswoman for the Mitt Romney campaign.

Romney is the presumptive Republican presidential nominee.

"The President's latest bad idea is to raise taxes on families, job creators, and small businesses," she said.

"Almost half a million fewer Americans are working today than the day Barack Obama took office, and we've just come through the worst job creation quarter in two years. Unlike President Obama, Governor Romney understands that the last thing we need to do in this economy is raise taxes on anyone.

"He has a plan to permanently lower marginal rates, help middle-class Americans save and invest, and jumpstart economic growth and job creation."