"...According to calculations by The Heritage Foundation’s Center for Data Analysis (CDA), the average American with $250,000 or more in income can expect an average $24,888 tax increase next year under Obama’s proposed policies..."Nell reports that $24,888 is a figure is enough for a salary:
"...and despite what some proponents of the tax hike have argued, many of these successful small businesses do have employees. According to the Treasury Department, 1.2 million small businesses both had employees and earned more than $200,000 in 2007. So the President is putting about 1.2 million jobs—perhaps even more—at risk with this tax hike..."
Nell says that in 2014 there will be about 1.9 million taxpayers with purely non-farm business gains of more than $250,000, according to the same CDA analysis:
"In other words, almost 2 million tax filers will have at least $250,000 of just business income—not counting any wages, capital gains, or rental income. This business income could be used to hire new employees or at least stay in business and keep them employed...If President Obama’s tax hikes are put in place, each of these taxpayers will have to hand over about $25,000 more of that business income to Uncle Sam instead. Small businesses already have to compete with corporations, which are favored by regulatory policy and the tax code and even propped up with stimulus money. Small businesses, which are the real engine of job growth in America, simply cannot afford yet another hit..."The Heritage Foundation's Curtis Dubay says:
"...By pinpointing his tax increase on incomes over $200,000, President Obama has maximized the detrimental impact that his tax increase would have on job creation. A higher tax bill would deprive the most successful flow-through employer-businesses of resources they would otherwise plow back into their business. These investments would allow them to compete for more business and create more jobs in the process...Higher marginal tax rates would also reduce the incentive for these important job creators to expand and take on risk with their remaining resources, because the higher rates would reduce the return that the owners of the businesses could expect to earn from their investment. This would further deter job creation..."Dubay's advice?
"Congress should stop all of Taxmageddon as soon as possible. That means extending the Bush tax cuts for all taxpayers. Stopping a tax increase that would devastate job creation should be a rare occasion for bipartisan agreement and would be a useful way for Washington to prove to voters that it is focused on job creation at a time when almost 12.7 million Americans remain out of work."More Dubay Info HERE.....
