Taxes Increase Looms
Our nation is on the brink of the largest tax increase in its history. The “marriage penalty” and “death tax” are just some of the taxes set to return on January 1 with the lapsing of the 2001 tax cuts. A reduction in the “child tax credit” and increased tax rates for all wage earners are also on tap. These changes are just a few months away and would have devastating effects on our economy.
I have been working with members of Congress to make the tax cuts permanent or at least extend them. Unfortunately, the Administration and Majority are pushing an alternative tax plan that would hit 50% of all small business income with higher taxes. These are the same people the economists and government are encouraging to hire the thousands looking for work.
I have long believed the best way to strengthen families, grow businesses and boost our economy is to let taxpayers keep more of their money, not threaten them with looming taxes. After all, the American people know far better how to spend their money than the government ever will.