Congressman Roscoe Bartlett today voted to maintain current tax rates for all Americans. "With the unemployment rate over 8% for the past 41 months, the federal government should not make it harder for American workers and businesses struggling to make do by increasing taxes," said Congressman Bartlett. "I agree with former President Clinton that the current tax rates should be extended next year for all Americans. That's why I voted against President Obama's proposal to permanently increase taxes. According to the Congressional Budget Office, $848 billion in revenue from President Obama's proposed tax increase is a nit compared to his proposal for $50.7 trillion in government spending over the next ten years including $8.011 trillion of new deficit spending. The impact on job creation from these tax increases could be devastating falling on nearly one million small business owners whose businesses generated more than 50% of all of small business earnings subject to the individual income tax."
A study by Ernst and Young estimates that the tax increases would cost more than 700,000 jobs. In June, small business owners cited taxes as the single biggest problem they face. Sixty percent of small business owners also said that expiration of the current tax rates would hurt their business.