Saturday, October 2, 2010

Congress must act to prevent the Obama tax increases

Unless Congress acts in the coming weeks, every taxpayer will see tax increases starting on January 1, 2011.

Income taxes will rise for all earners. The marriage penalty will be re-instated. Child tax credits will be cut in half. The death tax will go from zero to as high as 55%. Taxes on investments will increase. Some exemptions and deductions will be eliminated. And the Alternative Minimum Tax will hit 15 million people.

Unless Congress acts, taxes will increase by $200 billion next year alone - and $3.8 trillion in the next 10 years. Small businesses will be hit particularly hard, as small business owners will pay more than half of the taxes raised by increasing the top rates. Job creation is bound to suffer as individuals and businesses find their finances badly hurt by more taxation.

Congress needs to act now to hold the line on all tax increases. Economic recovery and job creation are more important.
Click here to sign the "Congress Must Act to Prevent the Obama Tax Increases" petition.


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