August 6, 2012 at 3:00 pm / by Press Release
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?
PHOENIX – The Democrat tax hike proposal passed by a vote of 51 to 48 in the U.S. Senate, where Democrats hold the majority, despite warnings from business groups like the U.S. Chamber of Commerce which urged its members to oppose the tax hike legislation.
The U.S. Chamber of Commerce, and the National Federation of Independent Business, both a widely-respected authorities on policies that create a pro-business environment and more jobs, says the Democrat tax hike will undermine economic recovery and result in 710,000 fewer jobs.
“Democrat Richard Carmona joined a party that is way out of touch with job-creators, and instead is raising taxes on the same small businesses that are trying to bring about our economic recovery,” said Arizona Republican Party spokesman Tim Sifert. “Carmona has fallen in line with the liberal Democrats, and given up trying to represent Arizona taxpayers and small business owners.”
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)
The Democrat Hike Will Destroy Jobs and Harm the Economy
A recent Ernst & Young report
shows that the Democrats’ tax increases will:
- Hit almost one million job creators
- Slash 710,000 jobs
- Cut wages by nearly 2 percent
“This legislation would raise tax rates on small businesses at a particularly fragile time for the economy, stifling growth and investment when we can least afford it.” (National Federation Of Independent Business, Letter To Senators, 7/24/12)
“This tax hike disproportionately impacts small businesses… will shrink the economy by 1.3 percent and result in the loss of 710,000 jobs.” (National Federation Of Independent Business, Letter To Senators, 7/24/12)
“…the maximum estate tax rate will revert to 55 percent while the exemption level will drop to $ 1 million. This will increase the number of estates hit with the tax from 3,600 to 46,700, including 21,700 small businesses.” (National Federation Of Independent Business, Letter To Senators, 7/24/12)
Carmona Supporter Harry Reid a top liberal in the U.S. Senate
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