$1.5 Trillion in New Taxes?
The President’s $1.5 trillion tax increase would hit small businesses, investors, and job creators particularly hard. According to the nonpartisan Joint Committee on Taxation, small businesses – which create roughly 70 percent of new jobs – will pay more than half of the new taxes raised by allowing some of the 2001 and 2003 tax cuts to expire. The President’s tax hike proposal also includes new fees that target middle class Americans, including air travelers, federal workers, military retirees, and people taking out new mortgages.
I strongly oppose President Obama’s proposal to increase taxes permanently by $1.5 trillion. Creating jobs must be our top priority, and I do not believe that increasing taxes on small businesses and entrepreneurs – the very people we rely on to create good, private sector jobs – will help reduce unemployment. Instead of pushing this tax hike, I hope President Obama will work with Congress on pro-growth, pro-jobs tax code reforms. By putting an end to most loopholes and deductions, we can reduce tax rates for everyone and create a tax system that is fair, simple and competitive.
As I review jobs and tax proposals before Congress, I would greatly appreciate your thoughts. You can contact me by visiting my website, and please be sure to stay connected by "liking" my Facebook page and following me on Twitter and YouTube.
Congressman Tom Rooney