Rangel Tax Hike Fact of the Day #7

Every day, Americans for Tax Reform will release a new fact about Charlie Rangel’s trillion-dollar tax hike.  All prior facts of the day can be found on www.atr.org

Today’s fact is:

“The Rangel Tax Hike Will Cost Americans Six Million Jobs”

Everyone who has been paying attention knows that the Rangel tax hike is actually a one-two punch against the American economy: the first blow is the MOTH bill which raises taxes on families and small businesses.  The second big hit is the assumed expiration of the Republican tax cuts from 2001 and 2003.

When you put both of those together, the tax increase is huge.  Now, the Heritage Foundation has crunched some numbers on the damage this tax scheme would do to the American economy. 

The centerpiece of destruction is the loss of six million jobs over the next ten years.  That’s right: if the Rangel tax plan becomes law, the economy will create six million fewer jobs than if taxes were kept at their current levels.