- The American people soundly oppose raising taxes on small businesses.
- Yet President Obama is obsessed with raising taxes on nearly 1 million small businesses that employ nearly 25 percent of the workforce.
- The president’s latest proposal does nothing to tackle our $16 trillion debt.
- Republicans have a plan to avert the fiscal cliff and protect small businesses from the president’s massive tax hike.
Americans are overwhelmingly opposed to raising taxes on small businesses:
- A recent Politico/George Washington University poll finds that nearly 70 percent of Americans oppose raising taxes on small businesses that earn more than $250,000 per year.
- And, according to a recent Gallup survey, the vast majority of Americans favor cutting federal spending and simplifying the tax code over raising taxes on small businesses.
Yet President Obama is obsessed with raising taxes, despite the impact on jobs and growth:
- Ernst & Young says the president’s small business tax hike would destroy 700,000 jobs, decrease wages by almost 2 percent, and reduce economic growth by 1.3 percent.
- According to the nonpartisan Congressional Budget Office, avoiding a tax hike by extending current rates would create nearly 1.8 million jobs and increase GDP by almost 1.5 percent in 2013.
The president’s unserious plan does nothing to address the debt and spending problem:
- The $68 billion in revenue raised next year from the president’s small business tax hike wouldn’t even cover one-third of the annual interest ($218 billion) owed on our $16 trillion debt.
- Not only would the president’s small business tax hike hurt jobs and growth, the revenue generated would only fund the government for a week.
The Republican plan to avert the fiscal cliff includes:
- Stopping the small business tax hike
- Enacting pro-growth reform
- Reforming Medicare and Social Security to protect and preserve these programs for future generations
- Cutting runaway spending