Budget Sense: Obama's Tax Increase Would Hurt Job Creation

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July 10, 2012 News and Analysis on Your Money in Washington

Obama's Tax Increase: Bad for Job Growth By pinpointing his tax increase on incomes over $200,000, President Obama has maximized the detrimental impact it would have on job creation.
Uncovering Another New Tax in the President’s 2013 Budget Buried in the fine print of President Obama’s FY 2013 budget proposal is an expansion of his cap on itemized tax deductions. It's yet another way the President has devised to increase the already sizeable tax burden shouldered by families and small businesses who earn $200,000 or more a year. Get the Scoop on the Coming $2 Trillion Tax Hike >>
INTERACTIVE CHART: Top 10 Percent of Earners Paid 71 Percent of Federal Income Taxes Top earners are the target for new tax increases, but the federal income tax system is already highly progressive. The top 10 percent of income earners paid 71 percent of all federal income taxes in 2009, though they earned 43 percent of all income. About half of tax filers paid no federal income tax at all.   Explore the Interactive Version and Share this Chart Online >>	Obama Finally Enters the Taxmageddon Debate—With a Tax Increase  Is this the best move to pull US out of a recession? Share Your Views Online Follow the Money: 2013 Appropriations Tracker  Track every spending bill moving through Congress Follow the Money Now Forecast: Taxmageddon Would Cause Another Recession  Fiscal experts speak out on dangers of piling on taxes Read and Comment Now

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