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Fast Facts: How the Obama/Pelosi/Reid Budget hurts taxpayers, job creators, and the American family


Posted by Doug Kellogg on Wednesday, April 1st, 2009, 10:46 AM PERMALINK


Americans for Tax Reform today released the following fast fact summary of the Obama-Pelosi-Reid Budget:

The Budget is an Assault on Small Employers 

  • Rather than dying a merciful death in 2010, as is scheduled under current law, the death tax continues indefinitely with a top rate of 45 percent and an exemption of $3.5 million ($7 million for married couples).  Small businesses and family farms will have to worry about seeing the undertaker and the IRS auditor on the same day.

The Budget Will Hurt Retirement Security and Cost Jobs

 

  • The capital gains tax is hiked from 15 percent to 20 percent.  The dividends tax is raised from 15 percent to 20 percent.  Capital gains earned by investment partnership managers are taxed as high as 39.6 percent.  At a time when stock market wealth has nearly been cut in half, why is Obama proposing a $142 billion tax hike on the stock market?

  • U.S. companies will be forced to pay corporate taxes twice on international profits—once in the country they earn them in, and again here.  This $210 billion tax hike will push jobs and capital out of our borders.

The Budget Spends Too Much Money We Don’t Have

 

  • Obama’s budget claims that it cuts taxes for families by $770 billion.  Yet, the same document admits that fully $326 billion—nearly half—is in fact new spending, not tax cuts.

Click here for a printable PDF of this document

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