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Tag Archive for Tax Hikes

Job-Killing Tax Hikes Will Hurt Middle Class, Help China

Job-Killing Tax Hikes Will Hurt Middle Class, Help China

U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, delivered remarks on the Senate Floor on the Democrats’ $3.5 trillion reckless tax-and-spending bill.  In his speech, Crapo says the efforts to reimagine America by imposing crippling tax hikes will stunt our economic recovery, further impede labor markets, and punish low-and-middle-income workers with higher prices for everyday goods and services.

On business tax hikes:  

A higher corporate tax rate would result in lower wages and reduced benefits; hit the nest eggs of everyone saving for retirement; and force consumers to pay more for everyday necessities. 

Hiking the rate indisputably hits the middle class.  Estimates suggest workers shoulder up to 70 percent of the corporate tax burden.   

And a recent analysis performed by the nonpartisan Joint Committee on Taxation says the burden on over 98 percent of Americans who make less than $500,000 a year increases over time.  Let me make that clear: 98 percent of the increase that is felt by labor, falls on those making less than $500,000 per year, and the vast majority of that on those making less than $400,000 per year.   

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Tax Hikes And 2020 Election Results

Tax Increases And Elections Results

The Tax Foundation does an excellent job of tracking State and Local Tax Ballot Measures. They are the nations leading tax policy organization providing research and insightful analysis. The Tax Foundation tracks the results of each state ballot measure and offers analysis on the most notable ballot measures including Arizona Proposition 208, Colorado Proposition 116, Illinois Graduated Income Tax Amendment, property tax changes in California and Colorado, excise tax changes in Arizona, Colorado and Montana, and New Jersey and South Dakota Amendments to mention a few.

Taxes are the most prevalent means of raising revenue to fund state and federal government. With all these measures on the ballot it is clear that one thing is for certain and that is taxing taxpayers to raise revenue.

Go this this link to see the U.S. State results on the ballot measures.