Michaud, Pingree Vote to Steer Economy Toward 'Taxmageddon'
Thu, 08/02/2012 - 4:50am
Posted by thistle
Maine Republican Party, 8/1/12
Michaud, Pingree Vote to Steer Economy Toward "Taxmageddon"
Democrats Ignore Pleas of Small Businesses and Retirees, Move Forward with More Taxing and Spending
WASHINGTON, D.C. - Maine's delegation to the U.S. House of Representatives, Democrats Mike Michaud and Chellie Pingree, today voted against stopping the largest tax hike in American history. The vote against extending the Bush tax cuts, which are set to expire at the end of the year, was a vote for a $4 trillion tax increase and over 700,000 lay-offs.
"In these tough times, extending the current tax rate is just common sense," said Maine Republican Party Chairman Charlie Webster. With today's vote in Congress, Michaud and Pingree threatened a Maine family of four earning $50,000 a year with a $2,200 tax increase.
"This is just more proof that Michaud is not one of us anymore, and Pingree needs to step out of her private jet and see how her extreme liberal policies are affecting small business owners and working people," Webster continued.
Despite rhetoric from Democrats like Pingree and Michaud, increasing the top rates would affect more than just one-percenters like Chellie Pingree and her hedge fund manager husband, Donald Sussman. Increasing the top two income tax rates would impose higher taxes on 53 percent of small business income.
"In Maine and in Washington, our problem is too much spending, not too few taxes," said Webster.
Even former president Bill Clinton recently advocated for the full extension of the Bush tax cuts. According to the Heritage Foundation's report, "The Effects of Taxmageddon," letting them expire would impose a $4,138 tax increase on the average American family. For example, a senior couple with a $40,000 annual income would see a tax hike of $1,700, and a single mom making $36,000 would face an $1,100 bill from the insatiable federal spending machine.
"For members of Congress representing a state with a large population of senior citizens, they certainly hit seniors hard with their tax hikes on retirement income," said Webster. Half of all returns filed by seniors will see higher taxes on investment income if the current tax rates are not extended.
"We need to focus on making sure the government is spending every dollar wisely before we give it more taxes," continued Webster, "and I think most people would agree, the government is not spending wisely."