156 Days: Countdown to Democrat Tax Hikes | Representative Kevin McCarthy
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156 Days: Countdown to Democrat Tax Hikes

July 28, 2010
Press Release

COUNTDOWN TO DEMOCRAT TAX HIKES

On January 1, 2011, Democrats will drop a $3.8 trillion tax increase on American taxpayers and small businesses. This unprecedented tax increase will stifle the creation of jobs in the U.S. because of its punitive effect on small businesses.

The Numbers:

94%Number of Small Businesses in America subject to Obama's Tax Hikes1

670 billion Dollar amount of tax increases Obama has already enacted since taking office2

60.2 million Number of individuals employed by small businesses in America (more than 50% of the workforce)3

3 million Average number of jobs created each year by start-up companies in America under the current tax rate4

3.079 million Number of American jobs lost since the enactment of Obama's "stimulus"5

It's easy to see the stark contrast between Obama's job-killing economic policies and the job-creating effect small businesses have on the economy. What's confusing is why the President would want to continue down the current path of economic devastation.

  1. Joint Committee on Taxation (JCT) https://www.jct.gov/publications.html?func=startdown&id=3691
  2. House Ways and Means Committee https://republicans.waysandmeans.house.gov/UploadedFiles/DemTaxIncreases1.pdf
  3. Small Business Administration https://www.sba.gov/advo/stats/sbfaq.pdf
  4. Kauffman Foundation https://www.kauffman.org/newsroom/us-job-growth-driven-entirely-by-startups.aspx
  5. Bureau of Labor Statistics https://data.bls.gov/cgi-bin/surveymost?ce