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|Sarah Swinehart (202) 226-4774|
New Report Confirms Obama Tax Hike Bad for Small Business
Washington, DC - Despite a weak economy and lackluster job numbers, President Obama continues to call for tax increases on small businesses, the engine of job creation. A new report released today by Ernst & Young finds the President’s tax increases will hurt the economy and cost more than 700,000 American jobs.
In response to the report, Ways and Means Committee Chairman Dave Camp (R-MI) offered the following statement:
“This report is more proof that the President doesn’t understand the economy or what it takes to create jobs in this country. After more than three years of high unemployment, slow growth and record levels of stimulus spending, the Obama Administration appears ready and willing to further derail our economic recovery by raising taxes on small businesses. We need these employers and investors creating more paychecks, not paying more taxes. Rather than double down on tax hikes that will make it harder to get America back to work, it is time to stop the tax hike – for all taxpayers – and move forward with comprehensive tax reform that will provide the certainty these entrepreneurs need.”
Lower wages, fewer jobs and less investment