Manufacturers have continued their strong opposition to increasing taxes on business owners in the midst of the most serious economic downturn since the Great Depression. Last week we urged the Senate to oppose an anti-growth tax proposal to create a new permanent surtax on individuals with income over $1 million. Earlier this week Senator Marco Rubio (R-FL) raised our opposition to the surtax when questioning Treasury Secretary Geithner about President Obama’s plans for deficit reduction and job creation.
We continue to believe that reform of our anti-growth tax system is critical to address our nation’s long term fiscal and economic challenges and we have long warned that tax increases could put more jobs at risk at a time when the unemployment rate already hovers above 9%. Senator Rubio echoed manufacturers’ position in the excerpt below from Tuesday’s Small Business & Entrepreneurship Committee hearing. Here is an excerpt from Senator Rubio’s remarks:
“The manufacturers say the same thing, the National Association of Manufacturers says it’s a job killer… What about this? This is a quote from the President. He said that, ‘the last thing you want to do is raise taxes in the middle of a recession because that would just suck up, that would take more demand out of the economy and put business in a further hole.’”
History has shown us very clearly that tax hikes, even speculated ones, significantly affect the way business act in the present and plan for the future. Plain and simple, it throws up yet another barrier to job creation and economic growth. If we’re serious about putting Americans back to work and returning to prosperity, we need comprehensive tax reform that will result in a pro-growth and pro-job creation tax code and that take tax hikes.
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