Stephanie Herseth Fact of the Day #2: Herseth Wants a Tax Increase. The Only Question is: How Big?

 

WASHINGTON -In the April 5th Argus Leader, Stephanie Herseth said, "\’I do not favor making a push to make all tax cuts permanent."

"The latest method used by the tax-and-spend crowd is to call tax increases \’repeal of tax cuts\’. But the truth is that if Stephanie Herseth gets her way, South Dakotans will be paying more in taxes. That\’s a tax increase, plain and simple," said Grover Norquist, president of Americans for Tax Reform.

Stephanie Herseth has refused to take the group\’s pledge against tax increases. In the South Dakota congressional race, only Larry Diedrich (R) has signed the Taxpayer Protection Pledge.

"So Herseth has promised South Dakota a tax increase. The only question is: How big will the Herseth tax hike be? If she wants to increase South Dakotans\’ taxes by making many of the Bush tax cuts go away, she certainly has a lot to choose from. Right now, Herseth is spinning a wheel of tax misfortune. Each South Dakotan family just has to hope she doesn\’t stop the wheel on them," Norquist added.

On the table for the Herseth Tax Hike:

1. Increase marginal income tax rates on every American that pays income taxes;
2. Reinstate nine million low-income Americans back on the tax rolls;
3. Eliminate the 10 percent income tax rate bracket and make it 15 percent;
4. Reinstate the marriage penalty;
5. Cut in half the $1,000 per child tax credit;
6. Raise taxes on education savings by 75 percent;
7. Eliminate the income tax deduction for paying college tuition;
8. Reinstate taxes on employer provided educational assistance;
9. Reduce the amount of bonding available for school construction;
10. Shrink retirement savings and IRA contributions by 60 percent;
11. Raise the capital gains tax by 25 percent and 50 percent for lower income families;
12. Increase the double tax of dividends by as much as 62 percent;
13. Eliminate small business expensing for small businesses;
14. Eliminate the allowable bonus depreciation for businesses by 50 percent;
15. Reinstate the Death Tax;
16. Eliminate AMT protections for middle-income families;
17. Reduce the adoption credit;
18. Reduce the dependent care credit;
19. Eliminate the tax credit for employer provided childcare facilities;
20. Eliminate emergency tax relief to areas affected by the attacks of September 11, 2001