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July 18, 2012

Tax Increase On Wealthy Would Kill Over 700,000 Jobs

Of course, that would let Obama increase the number of food stamp and unemployment collecting Americans.

A new study conducted by Ernst and Young proves conclusively that the President’s tax increase would be devastating to the economy and jobs.

The study finds that, if Congress misguidedly adopted President Obama’s plan to raise taxes on job creators by allowing the Bush-era tax policies to expire for incomes over $200,000 ($250,000 for married filers), the economy and jobs would suffer terribly:

  • Output in the long run would fall by 1.3 percent, or $200 billion, in today’s economy;
  • Employment in the long run would fall by 0.5 percent or, roughly 710,000 fewer jobs, in today’s economy;
  • Capital stock and investment in the long run would fall by 1.4 percent and 2.4 percent, respectively; and
  • Real after-tax wages would fall by 1.8 percent.

There are almost 13 million Americans out of work today. President Obama’s tax increase would needlessly add almost three-quarters of a million people to that already much too large number. Even those with jobs wouldn’t escape the pain of President Obama’s tax increase, as they would see their wages suffer.

Need any more reason to vote against he man with no plan to revive the economy?





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Comments on Tax Increase On Wealthy Would Kill Over 700,000 Jobs

Hey Greg,

I'll tell you what rhymes with right: shite, as in you write a lot of shite.

I can't believe you're a social studies teacher - please stop and save the world from producing more unhealthy people like you.

Cheers, Chris

|| Posted by Chris, July 19, 2012 09:56 AM ||

I hate to say this, but Chris is right. STOP what you're doing. If tax breaks on the rich created jobs we would have created record numbers of jobs in the last 20years. The rich pay less in taxes that they ever have, SO WHY ARE THERE NO JOBS? Don't answer that, you'll probably just spew more SHITE.

|| Posted by anonymous, July 19, 2012 01:49 PM ||

I'll at least admit that I respect anonymous -- he has actually tried to make an argument here. That his argument is wrong and fact-free is a problem, but at least he tried to make an argument.

Chris, on the other hand, showed himself to deficiency in brains exceeded only by his deficiency in testicles. After all, he made no argument -- just did a hit-and-run insult.

|| Posted by Rhymes With Right, July 19, 2012 07:42 PM ||

By the way -- I made this post just for those of you who think the rich are undertaxed. The facts there pretty well demolish your arguments.

|| Posted by Rhymes With Right, July 19, 2012 07:57 PM ||

These include good cups! I had a similar set of gascans for 6 decades. Really the only motive I'm updating them is now that we displaced them.

|| Posted by Anthony S. Jorgensen, September 13, 2012 01:44 PM ||
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