Know the Facts: Taxes

Our economy is at a virtual standstill and a lack of confidence in the President’s policies is keeping it that way. The results are staggering – 23 million Americans out of work, lower incomes, a devalued currency, and staggering debt. But it’s Obama’s tax policy that is the root cause of it all and the single biggest deterrent to economic growth. President Obama is the first President in more than a generation to run on a platform of raising taxes. Here are the facts about Obama’s plan to raise taxes hitting every American at a time when our businesses and our families need more of their hard-earned money:

  • Under President Obama, the U.S. corporate tax rate is now the highest in the world at more than 39 percent combining federal and state tax rates. Germany, Canada and other larger economies have dropped their rates, while Obama has supported higher taxation on our businesses.
  • Obama supports increasing the top income tax rate from 35 percent today to 39.6 percent in 2013, affecting a clear majority of small business owners and their businesses. This will continue to stifle investment and job growth.
  • President Obama will raise the self-employment tax on small business owners. Combined with the President’s income tax hike, small businesses will see a new tax rate of 43 percent in 2013.
  • Allowing the Bush tax cuts to expire would result in the largest tax increase on Americans since WWII.
  • President Obama supports increasing the Death Tax to a staggering 45 percent and slashing the exemption to $3.5 million. Thousands of successful small businesses – particularly those who are family-owned – will not survive the increase in taxes. They will be forced to sell and lay off workers to pay the IRS.
  • At more than $2 trillion, Obamacare will result in one of the largest single tax increases on businesses and individuals in history.
  • The President has hired more than 16,000 new IRS agents to enforce the tax provisions of Obamacare.
  • Obamacare’s employer mandate tax penalty will force businesses with more than 50 employees to purchase “qualifying” health insurance, or face a tax of $2,000 per employee.

Just think – our businesses and families are struggling to stay afloat and the President wants to spend more of their money on his reckless spending spree. Unfortunately for the American people, our economy and our freedom, Obama can’t tax them enough to pay for his programs, giveaways and government solutions. Our businesses, workers and families need to keep more of their money to spend, invest and save. That’s the way to increase incomes, grow jobs and restore our economy.

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