Jun 11 2012
White House Admits to Putting American Economy, American Taxpayers in Jeopardy with Largest Tax Increase in History
White House Officials Acknowledge “Cataclysm,” “Painful,” But Willing to Let Taxmageddon Happen
While President Bill Clinton and former Senior White House Advisor Larry Summers understand the devastating impact “Taxmageddon,” will have on Utah families, small businesses and the economy if the White House and Congress don’t act by the end of the year, the White House doesn’t seem to have gotten the memo.
After reversing himself on Friday saying that the economy is not “fine,” the President should start working in a bipartisan fashion to prevent these massive tax increases. But instead Administration officials are telling the New Yorker magazine that they are willing to let the largest tax increase in American history occur, while acknowledging that these tax hikes will be “particularly painful” – even while acknowledging “cataclysm” that would occur.
There’s too much at stake for the White House to be playing this dangerous game with the economy, with the livelihoods of every American family, and with businesses struggling under the Obama economy. How bad would Taxmageddon be? Let’s take a look:
- Taxmageddon would hit American taxpayers with a $310 billion tax increase in 2013. And, over ten years, the cost to taxpayers would be $4.59 trillion. (Source: Analysis by Senate Finance Committee Minority Staff)
- Failure to enact the Alternative Minimum Tax (AMT) patch would hit at least 27.2 million families and individuals with a $92 billion tax hike. (Source: Analysis by Joint Committee on Taxation, May 10, 2012)
- A family of four, earning $50,000, will get hit with a $2,183 tax hike. (Source: Analysis by Senate Finance Committee Minority Staff)
- A small business owner will face a top marginal tax rate hike of 17 percent. (Source: Analysis by Senate Finance Committee Minority Staff)
- The number of farmers who will face the death tax will rise by 2,200 percent. (Source: Analysis by the Joint Committee on Taxation, September 7, 2011)
- The number of small business owners who will face the death tax will rise by 900 percent. (Source: Analysis by the Joint Committee on Taxation, September 7, 2011)
For a full list of tax provisions that will expire at the end of the year click HERE.