Obama’s Buffett Tax Won’t Lower Gas Prices, Create Jobs, Reduce the Debt

Top-Line Points

  • President Obama’s Buffett Tax Will Not Lower Gas Prices
  • President Obama’s Buffett Tax Will Not Create a Single Job
  • President Obama’s Buffett Tax Will Not Reduce the Debt

Raising Taxes Will Not Lower Gas Prices

  • Gasoline prices have more than doubled since President Obama was inaugurated, which hurts struggling middle-class families and small, local businesses trying to compete and create jobs.
  • Instead of focusing on commonsense solutions to increase domestic energy production, which would lower prices at the pump, President Obama continues to play politics.
  • President Obama’s Buffett Tax will hurt job creators, who are struggling to retain and hire workers while dealing with a weak economy and soaring gas prices that drain billions of dollars out of our economic recovery.  

Raising Taxes Will Not Create a Single Job (except maybe at the IRS)

  • Four out of five people hit by the new tax are business owners, who are a critical source of new job creation.
  • Since his inauguration, President Obama’s economic policies have made the economy worse.
    • Unemployment has been above 8 percent for more than 37 months.
    • The poverty rate for women is at a 17-year high.
    • Nearly 700,000 fewer women are working today than when Obama took office.
  • Raising taxes on job creators will kill job opportunities for the 13 million unemployed Americans.
  • The U.S. corporate tax rate just became number one in the world, and President Obama wants to make the U.S. tax on investment the highest among developed countries during a struggling economy, which will only discourage investment.

President Obama’s Buffett Tax Will Not Reduce the Debt

  • The U.S. federal debt stands at a staggering $15.6 trillion, which means every man, woman, and child in this country owes nearly $50,000.
  • President Obama’s Buffett Tax would cover just 0.7 percent of the total new debt the president has proposed for the next decade.
  • The Buffett Tax would raise $5 billion per year, which under the president’s budget would only cover one and a half days of borrowing during fiscal year 2012.
  • President Obama and congressional Democrats want to raise taxes so they can spend more money on failed policies like Solyndra and Obamacare.