If Congress fails to stop the massive $4 trillion tax increase set to take effect on January 1, 2011, families and businesses of Florida’s 15th Congressional District will lose thousands of jobs and over $700 per year in higher federal taxes according to a new study on the impact of President Obama’s proposal to raise taxes.
“Higher taxes coupled with wasteful spending and more regulation is not a recipe for job growth,” said Congressman Posey. “Washington needs to focus on putting policies in place that will create the right kind economic environment for small businesses to expand while reducing the heavy financial burdens that big government places on employers and households. Stopping this massive tax increase is important step in the right direction.”
The study, conducted by the Heritage Foundation, a free market research and educational institution, shows that allowing portions of the 2001 and 2003 tax cuts to expire will result in an average loss of 1,733 jobs per year from 2011 through 2020. The average household would lose about $6,465 over the next ten years, a tax increase of over $1.3 billion on Floridians alone. Posey added, “Taking $1.3 billion away from local families and sending it to the bureaucrats in Washington will hurt my constituents - not help them.”
