By Conn Carroll at The Foundry
In today’s Wall Street Journal, House Minority Whip Eric Cantor (R-VA) identifies two justifications for his unequivocal opposition to any impending tax increases: “The first concerns the pain that tax increases threaten to inflict on our economy over the short term. The second is to stop the slide under our current leadership towards becoming a stagnant European-style welfare state with limited individual opportunity and entrepreneurship”…
Contrary to what you hear from the White House, the Obama tax hikes do not just hit the wealthy. Economic life at all levels is so tightly interwoven that tax increases for one segment of the population will ultimately affect everyone. Nearly everyone will pay something, either in lower income, higher interest rates or more expensive products, to name just three economic pains the Obama tax hikes will inflict on the economy. The Heritage Foundation’s Center for Data Analysis has run simulations using their Individual Income Tax Model comparing current law with President Obama’s most recent budget proposal which includes: 1) higher taxes on individuals earning more than $200,000 and couples earning more than $250,000; 2) higher taxes on capital gains; 3) higher taxes on dividends; and 4) the return of the death tax. The CDA found that the Obama tax hikes would:
- Destroy an average of 693,000 jobs every year.
- Drain $726 billion from disposal income, $38 billion from personal savings, and $33 billion from business investments.
- Raise taxes on the 55% of all joint filers earning more than $250,000 who run small businesses that employ others.
- Cost the average non-farm small-business owner $3,500 more in taxes.
- Cost the 49% of all seniors with income below $250,000 $525 in additional dividend taxes.
- Cost the 25% all seniors with income below $250,000 $742 in higher taxes.
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