Kathy Hochul, a public sector multi-millionaire, today voted against extending the Child Tax Credit and the Marriage Penalty Tax Relief which were included in the package passed by the U.S. House of Representatives today.
"It's sad to see someone like Kathy Hochul -- who has earned millions from a generation of cushy taxpayer-funded jobs -- vote for tax hikes on young families with children, seniors, married couples and small businesses. This is exactly what happens when your life is spent on a government payroll -- you just don't get it" said Chris Collins.
Official records show that Kathy Hochul may be one of Congress' more wealthy members, having disclosed assets that total between $1 million and $2.3 million. In addition, Hochul and her husband, an Obama political appointee, together jointly earn over $325,000 annually, placing them in the top 1.5% of earners in the United States.
(Source: US House of Rep. 2011 Financial Disclosure Statement, http://goo.gl/HUIhY)
"As someone who has spent a career in the private sector, I am grateful for a country that has given me the opportunity to succeed. But I know the sacrifice, blood, sweat and tears it takes to make a business successful. As one of the countless small business owners who have forgone a salary to meet a payroll, and ensure that their employees can cash a paycheck, I know how crippling any tax increase on small businesses can be," Collins said.
"But Kathy Hochul doesn't understand that sacrifice, because she's never had to worry about cashing a taxpayer funded paycheck. She has never created a job, or met a payroll, or had to skip a paycheck so her employees could pay their mortgage. Politicians never seem to make those kinds of sacrifices -- but people in the real world do," said Collins.
According to the House Committee on Ways and Means, Kathy Hochul's vote would have resulted in:
An across-the-board increase in the individual income tax rates, which apply to 95 percent of all U.S. businesses and 46 percent of all business income.
Failing to fix the AMT or "Stealth Tax", which results in higher taxes on 31 million American families.
A sharp reduction in expensing limits, forcing small businesses to pay much higher taxes on investments in depreciable property and equipment.
A significant increase in the death tax to a top rate of 55 percent, with an exemption of only $1 million, subjecting nearly 14 times as many small businesses and 24 times as many farms to the death tax.
As NFIB has previously noted, "the businesses most likely to face a tax increase by raising the top two rates are businesses employing between 20 and 250 employees."
A family of four earning $50,000 per year paying almost $2,200 in higher taxes (a five-fold increase in their tax liability).
A single mom earning $36,000 per year paying more than $1,100 in higher taxes (nearly doubling her tax liability).
Married senior citizens earning $40,000 per year paying nearly $1,700 in higher taxes (more than doubling their tax liability).
(Source: House Committee on Ways and Means, 7/31/2012; http://goo.gl/6zKvN)
Collins earlier this week released a 4-point plan to extend tax relief for middle class families and small businesses throughout the 27th district. Unlike Ms. Hochul, Collins' plan preserved the Child Income Tax Credit and the Marriage Penalty Relief, while protecting thousands of small businesses in the district from higher taxes under the plan supported by Congresswoman Hochul.