FY2011 Budget: Taxes, Then Some More Taxes, Plus Taxes

By February 1, 2010Economy, Taxation

From Jay Timmons, executive vice president of the National Association of Manufacturers:

Manufacturers and their workers are disappointed that the Administration’s budget proposal for fiscal 2011 discourages job creation by adding new costs to business. The President called his budget a “blueprint for job creation and economic growth” but it puts costly burdens on America’s job creators. Our nation’s unemployment rate continues to hover at 10percent with many of the industrial sectors of the economy still struggling to recover from the recession.

The President’s budget calls for almost $500-billion in new taxes on businesses over the next 10 years including:

  • A tax rate hike of almost five percentage points for many small and medium size businesses;
  • $59 billion in new taxes on established businesses that hold inventory;
  • A $122 billion tax increase for U.S. companies with worldwide operations;
  • A $19 billion reinstated “Superfund tax” on most corporations; and
  • An additional $39 billion in new taxes on energy companies.

 More on the economy-damaging tax increases tomorrow.

 

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