Jobs and the Economy
Small Businesses Say Taxes are the Biggest Problem They Face: In June, for the first time in 44 months, small businesses cited taxes above poor sales as the single most important problem they are facing today. At a time when businesses are unable to hire because of looming tax increases, the President is calling for a tax increase that will hit 53 percent of small business income reported on individual returns.
The President’s Plan Increases Taxes on Nearly 1 Million Small Businesses, Does Almost Nothing to Reduce the Deficit: Even with the President’s proposed tax hike, deficits would still total $6.6 trillion over the next ten years according the President’s own budget. The President’s proposal would permanently increase taxes on families and small businesses over the next ten years by $848 billion. This job destroying tax increase amounts to only 12 percent of the estimated deficits under his budget plan. While doing little to reduce the deficit, the Joint Committee on Taxation (JCT) has estimated the tax increase would hit nearly 1 million taxpayers who pay small business income at individual tax rates. By comparison, House Republicans passed a budget that would reduce deficits compared to the President’s budget by $3.3 trillion while lowering taxes on small businesses and spurring economic growth.
Democrats try to have it both ways (as usual) with Medicare: In September 2009, during remarks to a Joint Session of Congress on health care, President Obama said, “I will protect Medicare.” Fast forward two years to October 2011 and Minority Leader Nancy Pelosi said in an interview with CNBC, “We took half a trillion dollars out of Medicare in the Affordable Care Act, the health care bill, already.” That’s a curious disconnect between two champions of the federal takeover of health care law. Given the millions of struggling Americans who rely on Medicare today or expect to in the near future, some might conclude that at least one of these Democrat leaders is being disingenuous when they now claim to “stand up for America’s middle class.”
The Republican Plan for Job Creation and Growth
House Republicans have a plan to restore confidence and certainty to the economy and create jobs. For more information on the House Republican Growth Plan, click here: http://www.gop.gov/indepth/jobs.