Guest Post by Rep. Bob Goodlatte (R-Va.)
More than 7 million jobs have been lost in the last three years and over 3 million of those jobs have been lost since the President signed the so-called stimulus bill into law last year. Unfortunately, these are numbers that the American people are all too familiar with and yet the Congress continues to pursue an agenda that will further threaten American job creators. While Americans are asking “Where are the jobs?”, the Majority in Congress continues to demonstrate that they do not understand the priorities of our constituents or appreciate how private sector jobs are created.
It is clear: the policies of higher taxes, runaway spending, government takeovers and record debt which have become commonplace in Washington these days are having a chilling effect on the nation’s small businesses, the economic engine of our economy. From the so-called stimulus bill to the government takeover of our health care system and the threat of higher taxes and massive deficit spending, these policies have further hindered the creation of private sector jobs.
Unfortunately, just a little over four months from now, Democrats will impose further tax increases on American families and small businesses who are already struggling to make ends meet. According to the non-partisan Joint Committee on Taxation, unless the $3.8 trillion tax hike, which will take effect on January 1, 2011, is prevented every American income taxpayer will face higher rates. Specifically, 88 million taxpayers will pay an average of $503 in higher taxes due to the elimination of the ten percent bracket, 35 million married couples will pay an average of $595 in higher taxes due to a reinstatement of the marriage penalty, 31 million families will pay an average of $1,033 in higher taxes due to a reduction in the child tax credit, the death tax will soar to 55 percent, and 94 percent of small businesses will see their tax bills increase as well.
At the same time that millions of Americans are confronted with these oppressive tax hikes, they will also be faced with the first round of tax increases that are part of the new health care reform law. This monstrosity includes over 20 new taxes or tax increases which total $569 billion in additional taxes on individuals and employers.
As if all of this isn’t devastating enough, more than 25 million taxpayers will be ensnared by the Alternative Minimum Tax and higher taxes will be levied on investments starting January 1, 2011.
The last thing our economy needs is crushing tax increases. Instead Congress must focus on policies that allow individuals and businesses to keep more of their hard-earned tax dollars, which would encourage investment and provide financial relief for America’s small businesses. Most importantly Congress must send a clear message to our nation’s job creators that they can hire new workers with the confidence that a higher tax bill is not on the way.
I remain committed to working to stop these massive tax increases on small businesses and working families that will have a devastating impact on job creation and our struggling economy. I will continue working to enact responsible legislation which puts money back into the hands of those who can really turn our economy around – the American people and small businesses.
To contact me about this or any other matter, please visit my website at http://www.goodlatte.house.gov