Americans for Tax Reform WILL RATE a vote on the Pelosi-Reid-Obama budget.
Their budget taxes too much. It will increase taxes for consumers of American energy, small business employers, and shareholders, to name just a few.
The Pelosi-Obama-Reid budget will hike the small business tax rate from 37.9 percent today to 42.5 percent in 2011. Fully $2 out of every $3 in small business profits will see a tax hike. One-third of working Americans—42 million people—work in small businesses that have fewer than 100 employees.
It will raise the capital gains and dividends tax rate from 15 percent today to 20 percent in 2011. At a time when the stock market’s value has been cut in half, now is not the time to raise the tax rate on America’s nest eggs.
It will impose a global warming tax on American families that will cost them over $1000 per year. It will take away tax breaks for energy companies, the cost of which will ultimately be bourn by American families who turn on a light switch or fill up their gas tanks.
Their budget spends too much. The Pelosi-Obama-Reid budget raises spending to over $10,000 for every man, woman and child in America—forever. As a percent of the economy, spending will be sustained at levels not seen for a generation. About $1 out of every $4 in national wealth would be used to fund federal spending. When state and local spending is included, total government spending will eat up one-third of the economy. That puts America dangerously-close to Western European, “social democracy” levels of government spending.