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How Senate Democrats’ Job-Crushing Tax Hike Threatens Small Businesses, Workers
Posted by Press Office on November 29, 2011 | comments
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This week, Senate Democrats are expected to vote on legislation linking a tax hike on American job creators with an extension of the payroll tax break.  Congressman John Boehner (R-West Chester) has made clear. that Republicans “stand ready to have an honest and fruitful discussion” with Democrats on extending the payroll tax break – an issue Republican leaders identified as a potential area of common ground months ago.  However, it simply does not make sense to extend the payroll tax cut by raising taxes on American job creators.  Here are a few key points about the impact Senate Democrats’ tax hike would have on job creators:

  • More than one-third of all small business income - “approximately 34 percent” in 2013 - would be hit by Senate Democrats’ job-crushing tax hike, according to the Joint Committee on Taxation.
  • Forty-one percent of all business income reported on individual returns will be hit by Senate Democrats’ surtax on job creators, according to the Obama Administration’s Treasury Department.

While Democrats stage this week’s “certain-to-fail” vote on the payroll tax break extension, the New York Times reports that – political posturing aside - “many Democrats believe” that the payroll tax break extension “should be paid for by borrowing, thus increasing the government's net spending.”  Republicans disagree, and are committed to keeping their Pledge to America to help create a better environment for jobs without piling more debt on the backs of future generations. 

While House Republicans continue seeking common ground on the payroll tax break extension, they will also move forward this week on three additional jobs measures that will help roll back government barriers to private-sector job growth.  Instead of focusing on their “signature political showcase” with the designed-to-fail payroll tax vote, Senate Democrats should act on more than 20 other bipartisan, House-passed jobs bills that are languishing at their doorstep.  Learn more at jobs.gop.gov.
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