Richard Carmona Supporter and Liberal Democrat Senate Leader Harry Reid Passes Massive Tax Hike
Release from the Arizona Republican Party:
Would Obama’s Highest Profile Democrat in Arizona, Richard Carmona, Rather Toe His Party’s Line or Listen to Taxpayers?
If 2001 and 2003 tax cuts are not extended, economy will shrink
• Increasing taxes now will undermine economic recovery, choke off job creation, and take money out of the hands of the individuals and businesses that create jobs, spur investment, boost consumption, and promote economic growth.
• The failure to avert a tax hike would impact every facet of the American economy. Approximately a million small businesses would face increased taxes resulting in 710,000 fewer jobs, 1.8 percent lower wages, 2.4 percent less investment, and a 1.3 percent smaller economy. Retirees and those saving for retirement would be hurt by increased investment tax rates. Businesses would have less money to invest in and create jobs as an increased estate tax rate and lower exemption amount would impose significant costs.
• The Chamber has long urged Congress and the Administration to swiftly enact legislation that appropriately addresses America’s impending fiscal cliff. Extending all of the 2001 and 2003 rates, such as in the McConnell-Hatch alternative, would be a strong first step, but more work remains. Congress must extend all of the expired and expiring tax business tax provisions, and must act expediently to find spending cuts to replace a sequestration never intended to go into effect. (“Letter to Congress,” R. Bruce Josten, U.S. Chamber of Commerce, 7/24/2012)
- Hit almost one million job creators
- Slash 710,000 jobs
- Cut wages by nearly 2 percent
Carmona Supporter Harry Reid a top liberal in the U.S. Senate