”President Obama and Senator Casey have been crystal clear, if reelected, they envision a larger, more expensive government, funded by massive tax hikes on job creating small businesses,” said Smith. ”After 41 consecutive months of unemployment in excess of eight percent, and the Supreme Court’s recent affirmation of the massive Obama-Casey middle class tax hike, the President should be working to cut spending, reduce the debt and create jobs – rather than passing on yet another massive tax increase. Simply put, Senator Casey and President Obama are wrong in thinking we can tax our way to prosperity.”
Bob Casey has voted for higher taxes more than 53 times. (Source: Senate Records)
Bob Casey Playing Election Year Politics With Obama Tax Hikes “Though he would like to reach a comprehensive tax and deficit deal, the rancor of a presidential election and partisan stubbornness mean Congress’ best option might be to extend the deadlines, he said. ‘If you’re an incumbent, you’ve got a lot of pressure on you because of this economy,’ Casey said. ‘People are going to assess blame on Election Day in lots of ways, and I know as a candidate I have to prepare myself for that.’” (Jeremy Boren and Mike Wereschagin, “Casey: Congress Likely To Keep Tax Cuts, Spending,”Pittsburgh Tribune-Review , 6/23/12)
Obamas Proposed Tax Increases Would Hurt Hundreds of Thousands of Small Businesses and Their Employees
- Hundreds of thousands of small businesses would feel this tax hike right away.
- According to the Joint Committee on Taxation, nearly 940,000 flow-through businesses would be subject to the President’s proposed tax rate hikes that would take effect on January 1, 2013.
- A quarter of our nation’s workforce depends on these employers for a paycheck.
- According to the National Federal of Independent Businesses, up to 25 percent of the workforce is employed by businesses that will be affected by the President’s proposed tax hikes.
- Half of all flow-through business income would be hit by Obama’s proposed tax hike.
- According to the Joint Committee on Taxation, 53 percent of all flow-through business income is subject to the President’s proposed tax hikes.
- This is especially harmful to small business, because virtually all small businesses are organized as flow-through entities such as S corporations, partnerships, and LLCs. (see IRS Statistics of Income Integrated Business Data )