Congressman Tom Price (R-GA) issued the following statement to highlight the intention of President Obama and other Democrats to administer a massive tax increase on families and small businesses starting on January 1, 2011. Today, the President is holding a photo-op with small business owners in Edison, New Jersey.
"The small businesses who keep America running are getting pummeled by the Obama-Pelosi agenda," said Congressman Price. "Their costly new mandates, red tape, and tax increases have already damaged the prospects for job creation and economic recovery over the last year and a half. Unfortunately, Democrats plan to make life even tougher on small businesses with major tax increases that take effect on January 1. Under the Obama plan, many small businesses will pay almost forty percent of their gross revenue in federal income taxes. The government's share could exceed fifty percent when you include the taxes collected by state and local governments. How are employers supposed to survive in that kind of environment?
"Times are tough enough without Washington adding huge new tax increases into the mix. For our job market to truly recover, small businesses need a friendly, low-tax environment that lets them see the fruits of their success. Congress also needs to act swiftly to cut spending and reduce the trillion dollar deficits that have shaken Americans' confidence in our country's fiscal health."