"You Asked and We Listened"
Obama’s Answer to Recession: Tax Hikes
When it comes to getting our economy moving again and creating jobs for American families, the difference between the two parties has never been more clear. President Obama and his liberal allies in Congress want to raise taxes by letting the Bush tax cuts expire. Republicans want to reduce taxes to put more money in the hands of individuals and small businesses to spend or invest as they see fit.
If Congress does nothing, as Nancy Pelosi has indicated they will do, the Bush tax cuts will expire at the end of this year and taxes will go up for millions of Americans. According to the Detroit News, “For people who make about $28,000 before taxes, losing the cuts adds nearly $600 to their average annual tax tabs. But as incomes get larger, so would the pain: Someone making $1.1 million would pony up more than $39,000, and the lucky few making $8.4 million or more -- one-tenth of 1 percent of all taxpayers -- would fork over an extra $371,760 to Uncle Sam than they would if the tax cuts continue.”
According to the U.S. Treasury, if all the tax cuts expire, taxes will go up by $3.8 trillion. Adding that much to an already enormous tax burden will weigh our economy down, slow job creation, and make it more difficult for working families to make ends meet.
Republicans have laid out a better way forward. Instead of raising taxes, a new Republican majority in Congress would work to extend the tax relief to keep more money in the economy. Republicans will fight against job-killing proposals from the Obama Administration such as cap-and-tax that threaten the jobs of thousands of American workers. And Republicans will cut government spending to head off a possible interest rate hike that would cripple job creation in our country.
Time after time, President Obama and Democrats in Congress have delivered the wrong answers. Their answer to health care was more government control. Their answer to the economy was bailouts and government spending using borrowed money. Republicans have better answers, and are ready to put them to work for the American people.
If Congress does nothing, as Nancy Pelosi has indicated they will do, the Bush tax cuts will expire at the end of this year and taxes will go up for millions of Americans. According to the Detroit News, “For people who make about $28,000 before taxes, losing the cuts adds nearly $600 to their average annual tax tabs. But as incomes get larger, so would the pain: Someone making $1.1 million would pony up more than $39,000, and the lucky few making $8.4 million or more -- one-tenth of 1 percent of all taxpayers -- would fork over an extra $371,760 to Uncle Sam than they would if the tax cuts continue.”
According to the U.S. Treasury, if all the tax cuts expire, taxes will go up by $3.8 trillion. Adding that much to an already enormous tax burden will weigh our economy down, slow job creation, and make it more difficult for working families to make ends meet.
Republicans have laid out a better way forward. Instead of raising taxes, a new Republican majority in Congress would work to extend the tax relief to keep more money in the economy. Republicans will fight against job-killing proposals from the Obama Administration such as cap-and-tax that threaten the jobs of thousands of American workers. And Republicans will cut government spending to head off a possible interest rate hike that would cripple job creation in our country.
Time after time, President Obama and Democrats in Congress have delivered the wrong answers. Their answer to health care was more government control. Their answer to the economy was bailouts and government spending using borrowed money. Republicans have better answers, and are ready to put them to work for the American people.
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