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.
The bottom line is clear: All Americans would suffer economic harm under the Obama tax hikes. There simply is no justification for raising taxes when the unemployment rate is already near 10%. The American people already know this, which is why the same independents who voted for President Obama by a 52% to 44% margin also oppose the Obama tax hikes. After polling these same independents, Independent Women’s Voice CEO Heather Higgins and former President Bill Clinton pollster Doug Schoen describe what these independents really want: “Decrease the size and scope of government, cut spending and taxes, balance the budget, reduce the federal debt, reduce the power of special interests and unions, repeal and replace the health-care legislation, and decrease partisanship.”
From the Heritage Foundation
This president will never do any of the things that Higgins and Schoen described. He is anti all those things and pro all of them. “Decrease the size of government?” In whose dreams? “Reduce the power of unions?” I don’t think so. “Repeal health care legislation?” HA! what color is the sky on your planet?