The Bush tax cuts of 2001 and 2003 will expire on January 1, 2011. When they sunset, taxes will increase by 10 percent or more on American families struggling to stay afloat during tough economic times.
Taxes will go up an average of two thousand dollars per household on top of the six hundred billion in taxes associated with Obamacare. These are costs families today cannot afford.
The outlook for American businesses is just as dim. Capital gains taxes will increase from 15 percent to 20 percent, and the tax on dividends will more than double from 15 to 39.6 percent. These are job killing tax increases.
The death tax, which breaks up family farms and destroys America’s small businesses, will automatically be reinstated in 2011 at a crippling rate of 55 percent. (My opponent, Congressman Bob Etheridge, voted against permanently eliminating the death tax.)
The last thing our staggering economy and struggling families need right now is to be hit by these huge tax increases. Instead, we should make these tax cuts permanent in order to breathe life into our economy.
I have signed the Taxpayer Protection Pledge and vowed, if elected, I will oppose any and all efforts to increase the tax rate for individuals and/or businesses — that includes voting to continue President Bush’s tax cuts.
Congressman Etheridge, where do you stand? Do you support the Obama agenda? Or will you join me in cutting taxes?