Myth: Republicans hold the line on taxes.
Fact: We're Number One! Over the last 30+ years, control of Trenton and Washington has flipped back and forth between the two major parties. Over the same time period, the Republicans have maintained solid, uninterrupted control of the county and most townships. The result? Property taxes have climbed steadily upwards, and Hunterdon County now has the #1 highest median property taxes in the whole country. (Source: Reuters)
Myth: The GOP is the party of fiscal discipline.
Fact: From President Reagan onward, the GOP has devastated the U.S. treasury, leaving mounting debt and a river of red ink for our lifetimes and more. The national debt tripled under Ronald Reagan, then doubled again under George W. Bush.
Republican presidents exploded the debt as a percentage of GDP, interrupted for a few years by President Clinton, who reduced the debt and produced a budget surplus (squandered by Bush). Dick Cheney once said "Reagan proved that deficits don't matter." It seems Republicans only care about deficits when a Democrat is in the Oval Office.
Here is what our presidents have given us for over half a century: fiscal responsibility by both parties until Reagan's fairy tales. (Using figures from the 2009 Federal budget)

Myth: Obama is raising taxes on you and on small businesses.
Fact: Over 98% of Americans will not have their income taxes rise. Both CNN and the non-partisan Tax Policy Center agree. (Source: CNN)
Myth: Tax cuts always increase revenue.
Fact: Republicans have been peddling this snake oil ever since they gave us Herbert Hoover. They even formalized it during the Reagan years with the laughable Laffer Curve. Even as recently as February 2009, Sen. Kay Hutchinson (R-Texas) said, "Every major tax cut we've had in history has created more revenue." Good thing she wasn't under oath or connected to a polygraph machine when she said that!
The non-partisan Center on Budget and Policy Priorities showed that revenues grew twice as fast in the 1990s, when taxes were raised, than in the 1980s, when taxes were cut. The non-partisan FactCheck.org (which Republicans hate because it catches them) called a claim like Hutchison's "highly misleading" and stated the obvious fact that "we can't have both lower taxes and fatter government coffers."