Dems Want Tax Hikes, But Families Want Jobs

July 31, 2012

As Working Families Hope for Job Creation, Democrats Demand New Tax Hikes that Will Make Jobs Even Scarcer

Democrats are bent on raising taxes even as America’s economy continues to struggle.
Meanwhile, Americans instead want job creation and for Democrats to get their spending addiction under control.
Democrats are insisting on these new tax hikes, even when Americans can least afford them, in order to pay for more wasteful spending.

Democrats are bent on raising taxes even as America’s economy continues to struggle:

DALLAS FED: EXPECTATIONS FOR FUTURE BUSINESS ACTIVITY GO INTO THE NEGATIVE, LOWEST READING IN 10 MONTHS: (“U.S. July Dallas Fed Business Outlook Report,” Bloomberg Businessweek, 7/30/2012)

“ECONOMY WEAK IN SECOND QUARTER, GDP GROWS AT 1.5% RATE”: (Tim Mullaney, “Economy Weak in Second Quarter, GDP Grows at 1.5% Rate,” USA Today, 7/27/2012)

“UNEMPLOYMENT COULD STAY HIGH AS US ECONOMY SLOWS”: “High unemployment isn’t going away — not as long as the economy grows as slowly as it did in the April-June quarter.” (Martin Crutsinger, “Unemployment Could Stay High as US Economy Slows,” Associated Press, 7/27/2012)

NO. 2 SENATE DEMOCRAT: TAX HIKES AND CUTS TO DEFENSE ARE A LOADED “WEAPON”: “Democrats believe Republicans might be willing to compromise once the spending cuts and tax increases are felt.

“‘That may be the only way to bring some Republicans into a position of talking,’ Sen. Richard J. Durbin of Illinois, the assistant Democratic leader, said late last week. ‘We’re not going to unload our weapons at this point.’” (Lisa Mascaro, “Congressional Democrats Dig In on Fiscal Cliff Scenario,” Los Angeles Times, 7/16/2012)

“DEMOCRATS THREATEN TO GO OVER ‘FISCAL CLIFF’ IF GOP FAILS TO RAISE TAXES”: (Lori Montgomery, “Democrats Threaten to Go Over ‘Fiscal Cliff’ if GOP Fails to Raise Taxes,” The Washington Post, 7/16/2012)

“SENIOR DEMOCRATS” ARE READY TO “PLUNGE THE NATION BACK INTO RECESSION” IF THEY DON’T GET THE TAX HIKES THEY WANT: “Emboldened by signs that GOP resistance to new taxes may be weakening, senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession if the new year arrives without an acceptable compromise.” (Lori Montgomery, “Democrats Threaten to Go Over ‘Fiscal Cliff’ if GOP Fails to Raise Taxes,” The Washington Post, 7/16/2012)

Meanwhile, Americans instead want job creation and for Democrats to get their spending addiction under control:

GALLUP: TOP PRIORITIES FOR AMERICANS ARE “CREATING GOOD JOBS,” “REDUCING CORRUPTION” AND “REDUCING THE FEDERAL BUDGET DEFICITS”: (Jeffrey M. Jones, “Americans Want Next President to Prioritize Jobs, Corruption,” Gallup, 7/30/2012)

INCREASING TAXES RANKS AS THE SINGLE LOWEST PRIORITY: (Jeffrey M. Jones, “Americans Want Next President to Prioritize Jobs, Corruption,” Gallup, 7/30/2012)

EVEN AMONG OBAMA SUPPORTERS, INCREASING TAXES RANKS AS THE LOWEST PRIORITY: (Jeffrey M. Jones, “Americans Want Next President to Prioritize Jobs, Corruption,” Gallup, 7/30/2012)

BUT DEMOCRATS ARE DEMANDING JOB-DESTROYING NEW TAX HIKES ANYWAY:

TAX HIKE WOULD BE A $201 BILLION HIT TO THE ECONOMY: (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012, Appendix C)

710,000 JOBS COULD BE DESTROYED BY DEMOCRATS’ TAX HIKE PLAN: (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012, Appendix C)

1.8% DROP IN WAGES: “Real after-tax wages would fall by 1.8%, reflecting a decline in workers’ living standards relative to what would have occurred otherwise.” (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012)

JOINT COMMITTEE ON TAXATION: 940,000 SMALL BUSINESSES TO GET HIT BY DEMOCRATS’ LATEST TAX HIKE: “Congress’s Joint Tax Committee—not a conservative outfit—estimates that in 2013 about 940,000 taxpayers will have enough business income to meet Mr. Obama’s tax increase threshold.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

MORE THAN HALF OF NET BUSINESS INCOME WILL BE HIT BY HIGHER TAX RATES UNDER OBAMA PROPOSAL: “And of the roughly $1.3 trillion in net business income, about 53% will get hit with the higher tax rates. This is because millions of businesses report their income as sole proprietors and subchapter S corporations that file under the individual tax code.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

OBAMA’S NEW TAX HIKE WOULD HAVE SOME SMALL BUSINESSES PAYING HIGHER TAX RATES THAN GENERAL ELECTRIC AND J.P. MORGAN: “So Mr. Obama wants these businesses to pay higher tax rates than the giant likes of General Electric or J.P. Morgan. Does that qualify as ‘tax fairness’?” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

TAXMAGEDDON WILL COST AVERAGE FAMILY $4,138 IN 2013: (“Taxmageddon Costs Average Family $4,138 Next year,” The Heritage Foundation, 6/14/2012)

Democrats are insisting on these new tax hikes, even when Americans can least afford them, in order to pay for more wasteful spending:

WHITE HOUSE: “WEAK RECOVERY SHOWS STATE GOVERNMENTS NEED MORE ECONOMIC STIMULUS”: (Joel Gehrke, “WH: Weak Recovery Shows State Governments Need More Economic Stimulus,” The Washington Examiner, 7/27/2012)

U.S. IS ON TRACK FOR FOURTH STRAIGHT YEAR OF TRILLION-DOLLAR DEFICITS: “The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year.” (“U.S. Government Records $904.2B Deficit Through June,” Associated Press, 7/12/2012)

$5.25 TRILLION INCREASE IN NATIONAL DEBT SINCE OBAMA TOOK OFFICE: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 7/30/2012)