Democrats—$1.5 trillion in new taxes over the next ten years:  According to the House Budget Committee, the president’s budget included $1.5 trillion in job-destroying tax increases over the next ten years. 

The Republican Plan—Lowering taxes to create jobs:  The House Republican Plan for America’s Job Creators would stop all of the Democrats’ tax increases and reduce taxes over ten years by $1.8 trillion relative to the president’s request.  Instead of increasing taxes during the worst jobless stretch since the Great Depression, the Republican plan would provide economic certainty necessary for job creation by preventing $1.5 trillion in tax increases and use revenue from closing tax loopholes to reduce individual and corporate tax rates in a deficit neutral manner.

Democrats—Increased tax rates for job creators:  Democrats continue to call for huge tax increases on individuals and small business owners earning above $200,000 for an individual or $250,000 for a couple—or as the president calls them, “millionaires and billionaires.”  According to the president’s budget estimate, this would increase taxes by $709 billion over ten years.   Nearly 75 percent of America’s small businesses file their taxes as individuals.  Half of those small businesses would suffer from a higher tax burden under the President’s proposed tax increases, limiting their ability to hire more workers.  As the National Federal of Independent Businesses said when the same tax hike was delayed until 2012, “Raising the top marginal tax rate would have hit small businesses the hardest just when the country needs them to invest, expand and hire new workers.”

The Republican Plan—Lowering individual tax rates in a deficit neutral manner:  The Republican budget embraced the widely acknowledged principles of pro-growth tax reform by proposing to consolidate individual tax brackets and lower tax rates, with a top rate of 25 percent, while using revenue from clearing out the burdensome tangle of loopholes to lower rates in a deficit neutral way.

Democrats—Reform elements of U.S. international tax system:  Similar to their proposal last year, President Obama and Democrats in Congress would alter the tax treatment for U.S. multinationals operating abroad. These proposals would generally have the effect of raising the tax rate on these entities. For instance, the value of foreign tax credits, which are used to offset U.S. income taxes on revenue already taxed abroad, would be reduced, and the deduction for interest expenses on certain income would be deferred. These proposals would raise taxes on American job creators by $129 billion over 10 years.

The Republican Plan—Allow American companies to bring back their overseas profits:  The Republican plan for job creation would allow worldwide American companies to bring back their overseas profits without being subject to double taxation so they can invest in our economy.  Unlike almost all of our major trading partners, the United States taxes its companies on their foreign income when that income is brought back to the United States, even though that income has already been taxed in a foreign country. This discourages American companies from bringing profits back to the United States to invest at home.