About Those Obama Tax Hikes…
While we’re on the topic of Bill Kristol’s ignorant attempt to speak on behalf of the tea party movement Re: taxes, let’s take a look at what Kristol thinks we’ll all be perfectly ok with. Ya know, $442 BILLION in tax hikes on small businesses and upper income families.
In his talks with corporate CEOs and Congress, President Obama has taken a position to veto any plan that does not raise income tax rates on successful small employers and high-income families. The President has pushed his agenda of raising taxes through the guise of fairness and paying one’s share; however, his plan contradicts its purpose by putting a disproportionate amount of the tax burden on small employers and high-income families.
Under President’s plan, the top two marginal income tax rates paid by small employers would rise from 33 percent and 35 percent to 36 percent and 39.6 percent, respectively. If the President succeeds in his efforts, it will result in a $442 billion tax hike over the next decade, a figure reached by the Tax Policy Center. Furthermore, when the $442 billion tax increase is combined with the remaining tax hikes in the President’s plan, the average tax increase for small employers and families making above $250,000 is $14,173.
So according to Kristol, Republicans should just fold, let this money be robbed out of the economy and move on.