• There are just over 120 days until Americans see a $4 trillion tax increase, if Democrats’ threats are to be believed.

• It is now indisputable that President Obama’s policies have failed and are making things worse, and the president’s “recovery” has actually hurt median household income more than the preceding recession.

• With economic growth slowing for the second consecutive quarter, the president’s insistence on raising taxes is even more perplexing considering his statements when facing a similar situation in December 2010, with the economy growing only marginally faster.

• Recall that President Obama negotiated, and ultimately signed into law, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extended all of the 2001/03 tax rates for an additional two years.

• In the debate over that bill, the president stated:

“The bipartisan framework we have forged on taxes…will provide businesses with incentives to invest, grow, and hire…Every economist I have talked to or read over the last couple of days acknowledges that this agreement would boost economic growth in the coming years and has the potential to create millions of jobs," Obama continued.  "But if this framework fails, the reverse is true. Americans will see it in smaller paychecks that will have the effect of fewer jobs." (emphasis added) 

More Americans will suffer amid the president’s campaign of envy and division

Multiple outlets have concluded that the president’s economic logic of December 2010 is all the more applicable in 2012:

• The Congressional Budget Office’s (CBO) August 2012 budget and economic forecast shows that pending tax increases and arbitrary spending cuts would send the U.S. economy into another economic recession and drive the unemployment rate above 9 percent by the end of 2013.

• A recent report from accounting firm Ernst & Young found the president’s tax increases will cost the economy more than 710,000 American jobs. In addition, the report stated that wages would fall by 1.8 percent, reflecting a decline in workers’ living standards relative to what would have occurred otherwise.

• Even the former chairman of President Obama’s Council of Economic Advisers, Austan Goolsbee, said of the pending tax increases, “It’s two to three times bigger in negative terms than even the biggest year of the stimulus was in positive terms.”

 

House Republicans have lead where the president and Senate Democrats will not by passing legislation to stop the tax hike on American families and small businesses.  To solve the impending tax crisis, House Republicans voted to approve the Job Protection and Recession Prevention Act, which would block the president’s looming tax hike because no one should have to pay higher taxes during the greatest unemployment crisis since the Great Depression. In addition, House Republicans passed the first-ever legislative vehicle to expedite comprehensive tax reform that will make the code fairer, flatter and simpler while empowering our nation’s businesses to compete with their global rivals.