Verne Strickland Blogmaster 042011
Washington — Tax Day (April 18) could get even worse than it already is if Mike McIntyre and his fellow Democrats have their way, since they unveiled new plans to raise job-destroying taxes further last week in a speech made by President Obama.
To make matters worse, it appears that McIntyre and his Democrat colleagues would actually raise taxes considerably more than President Obama indicated in his speech, which would especially harm small businesses that are the engine of American economic recovery.
Will Mike McIntyre continue to follow his Democrat leaders down the path of fiscal and economic ruin, or will he change his ways and embrace a pro-growth budget plan that would encourage small business growth for North Carolina families?
“Regrettably, it comes as no surprise this Tax Day that McIntyre and his fellow Democrats appear to be raising taxes even more than they led us to believe, particularly burdening small businesses that families in North Carolina are relying on for jobs. Will McIntyre continue to fuel the Democrat spending spree with $2 trillion in new taxes or will he finally learn his lesson and support a pro-growth budget that forces government to live within its means and encourages private-sector job creation?”
President Obama presented the Democrat plan to raise taxes last Wednesday, but the details have since revealed that he intends to actually raise taxes by $2 trillion instead of simply $1 trillion:
“In the case of the new White House proposal, its baseline starts with the assumption that the Bush-era tax cuts for higher earners are allowed to expire after 2012. That puts about $1 trillion in revenues into the White House estimate of future tax revenues right off the bat, even before the $1 trillion in new tax revenues that the president now is proposing to raise.” (John D. McKinnon, “Battle of the Baselines,” The Wall Street Journal’s Washington Wire Blog, 4/15/11)
This also means that the Democrats’ budget plans rely mostly on job-destroying tax increases rather than spending cuts, in contradiction to their talking points:
“So of the 3.4 percentage points of savings, more than half — 1.9 points — comes from taxes. That’s 56 percent, not the one-third or one-quarter that Obama was talking about. And I am assuming that Goldman is using the White House’s rosier economic forecasts when evaluating Obama’s plan.” (James Pethokoukis, “Obama’s new plan may actually rely 60 percent on tax increases,” Reuters’ James Pethokoukis Blog, 4/15/11)
And these types of tax increases directly harm small businesses, forcing layoffs and hampering economic recovery. (Jonathan Karl, “Fact Checking the Tax-Cut Debate,” ABC News, 9/8/10)
McIntyre and his fellow Democrats’ priorities are clear – they will continue to rely on job-destroying tax hikes to fuel their spending spree rather than live within their means and institute true fiscal reform. If McIntyre gets his way, Tax Day will get much worse for families and small businesses throughout North Carolina.