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McCaskill Joins Obama In Backing Job-Killing Tax Hike On Job Creators

Published: October 12, 2011 | Comments: 0

Again Ignores Concerns Of Missouri Small Business Owners

Just days after a bipartisan coalition representing over 1.8 million small businesses in Missouri and across the country made clear in no uncertain terms that it would further harm their ability to create and grow jobs, liberal U.S. Senator Claire McCaskill (D-MO) ignored the concerns of Missouri’s job creators and voted tonight in favor of President Obama’s latest stimulus proposal, which includes a massive tax hike on Missouri business owners.

As President Obama’s own Treasury Department acknowledges, four out of five people who would be hit by the McCaskill-Obama surtax are business owners – the same people we need to create new jobs.  Fortunately, the latest McCaskill-Obama stimulus proposal was defeated in a bipartisan vote this evening.

“The definition of insanity is doing the same thing over and over again and expecting different results, but that’s exactly what Senator McCaskill and President Obama are looking to do by passing yet another big government stimulus bill.  Thousands of Missouri families and small businesses are struggling in this economy, and yet instead of supporting pro-growth policies to put more people back to work, Claire McCaskill and President Obama want to tax more, spend more and regulate more.  Votes like this remind Missourians that McCaskill continues to put her loyalty to President Obama over the best interests of her state’s families and job creators,” National Republican Senatorial Committee (NRSC) spokesman Chris Bond said today.

ADDITIONAL BACKGROUND….

Jobs Groups Blast Dem Surtax

Groups Urge Senators To Oppose ‘Job Killing Tax Hike’ on ‘America’s Job Creators’ 

‘Would Seriously Impair Our Ability’ ‘To Put Our Unemployed Back To Work’

“Most importantly, the burden of the proposed tax increases would fall disproportionately on the income of America’s small and mid-sized businesses who pay taxes at individual rates.” (Tax Relief Coalition Letter To US Senate, 10/7/11)

  • “…the proposal before the Senate is a job killing punitive tax hike that moves our tax code in the exact opposite direction from where we should be going if we want to see job creation and economic growth.” (Tax Relief Coalition Letter To US Senate, 10/7/11)
  • “…America’s job creators… are critical to the effort to rebuild our economy and create the jobs necessary to put our unemployed back to work. Unfortunately, the Senate is expected to take up a bill next week that, if enacted, would seriously impair our ability to accomplish that goal.” (Tax Relief Coalition Letter To US Senate, 10/7/11)

‘4 Out Of 5 Of The Taxpayers Who Will Face This Surtax Are Business Owners’

“…the Obama Administration’s own data demonstrates that 4 out of 5 of the taxpayers who will face this surtax are business owners – and thus, increasing the tax burden on these business owners will reduce the amount of capital that they would otherwise have available to invest in their company or hire additional workers.” (Tax Relief Coalition Letter To US Senate, 10/7/11)

  • “…the Senate legislation would pay for the President’s Jobs Bill by raising tax rates on hundreds of thousands of business owners, a job killing tax hike…” (Tax Relief Coalition Letter To US Senate, 10/7/11)
  • “According to a recently-released Treasury Department study, 392,000 taxpayers reported incomes exceeding $1 million in 2007, 331,000 of those returns included business income, and 311,000 were ‘business owners’ under the Treasury Department’s narrow definition.” (Tax Relief Coalition Letter To US Senate, 10/7/11)

“The Tax Relief Coalition (TRC), an organization of more than 1,000 trade associations, corporations and advocacy groups…” (Tax Relief Coalition Letter To US Senate, 10/7/11)

  • “TRC members represent 1.8 million businesses of all sizes, from every state and from every industry sector – businesses that invest in our economy and create jobs.” (Tax Relief Coalition Letter To US Senate, 10/7/11) 

US Chamber Of Commerce

National Federation Of Independent Businesses

National Association Of Manufacturers

National Association Of Wholesaler-Distributors

Associated General Contractors

International Foodservice Distributors Association

The McCaskill-Obama Economic Record: By The Numbers:

$24.0 Trillion:

 Projected Federal Debt In 2021 Due To Obama’s Binge Spending. (OMB, 9/1/11)

$14.9 Trillion:

 Current National Debt. (U.S. Treasury Department, Accessed 10/5/11)

$4.2 Trillion:

 Added To The National Debt Since Obama Took Office. (U.S. Treasury Department, Accessed 10/6/11)

$2.6 Trillion:

 True Cost Of ObamaCare Once Fully Implemented. (Office Of The Speaker Of The U.S. House Of Representatives, Report, 1/6/11)

$1.75 Trillion:

 Annual Cost Of Federal Regulations. (Small Business Administration, September 2010)

$1.416 Trillion:

 Federal Budget Deficit For FY2009 – Highest In U.S. History. (CBO, 10/7/10)

$1.298 Trillion:

 Federal Budget Deficit For FY2011 – Second Highest In U.S. History. (CBO, 10/7/11)

$1.17 Trillion:

 Total Cost Of Obama’s First Stimulus With Interest.  (CBO, 8/24/11, CBO, 1/27/09)

$1.17 Trillion:

 American Debt Held By China. (U.S. Treasury Department, Accessed 10/6/11)

$763 Billion:

 Net Interest Payment On Our National Debt In 2021 Due To Obama’s Proposed Budget. (OMB, 9/1/11)

$825 Billion:

 Price Tag Of Obama’s First Failed Stimulus. (CBO, 8/24/11)

$575 Billion:

 Amount Of Medicare Cuts In ObamaCare. (CMS Chief Actuary Richard S. Foster, Memo, 4/22/10)

$491.7 Billion:

 Amount Of Taxes In ObamaCare. (Letter to Speaker Nancy Pelosi, 3/18/10; Joint Committee On Taxation, 3/2/10)

$447 Billion:

 Price Tag Of Obama’s Second Stimulus. (WhiteHouse.gov, 9/8/11)

$347.1 Billion:

 Debt Service Costs For Borrowing To Pay For Obama’s First Stimulus. (CBO, 1/27/09)

$105 Billion:

 Projected Cost Of New Regulations For 2011. (American Action Network, 9/30/11)

$24 Billion:

 Stimulus Funds Sent To Tax Cheats. (Government Accountability Office, April 2011)

$535 Million:

 Stimulus Loan To The Failed Solar Company Solyndra. (The Oakland Tribune, 11/4/10)

81.9 Million:

 Annual Paperwork Burden Hours Imposed By Regulators In 2011. (American Action Network, 9/30/11)

14.0 Million:

 Unemployed Americans. (Bureau of Labor Statistics, Accessed 10/7/11)

9.3 Million:

 Americans Working Part-Time For Economic Reasons.(Bureau of Labor Statistics, Accessed 10/7/11)

7.3 Million:

 Foreclosure Filings Since Obama Took Office. (RealtyTrac, Accessed 10/6/11)

6.2 Million:

 Americans Unemployed 27 Weeks Or Longer. (Bureau of Labor Statistics, Accessed 10/7/11)

4.0 Million:

 Mortgages Either 90 Days Late Or In Foreclosure During August. (Lender Processing Services, 10/3/11)

3.4 Million:

 Workers Granted Waivers So That ObamaCare Would Not Outlaw Their Health Care Plan. (HHS.gov, Accessed 10/6/11)

2.6 Million:

 Number Of Americans That Fell Into Poverty Between 2009 And 2010.  (U.S. Census Bureau, 9/13/11)

2.2 Million:

 Jobs Lost Since Obama Took Office. (Bureau of Labor Statistics, Accessed 10/7/11)

1.6 Million:

 Private Sector Jobs Lost Since Obama Took Office. (Bureau of Labor Statistics, Accessed 10/7/11)

1.5 Million:

 Jobs Lost Since Obama’s Stimulus Was Passed. (Bureau of Labor Statistics, Accessed 10/7/11)

1.59 Million:

 Personal Bankruptcies In 2010. (United States Courts, 2/15/11)

$1.5 Million:

 Stimulus Funds Sent To Indonesia To Discourage Air Pollution In Jakarta. (The Daily Caller, 7/7/11)

1.47 Million:

 Personal Bankruptcies In 2009. (United States Courts, 2/15/11)

1.0 Million:

 Construction Jobs Lost Since Obama Took Office. (Bureau of Labor Statistics, Accessed 10/7/11)

1.0 Million:

 Americans That Have Given Up Looking For Work. (Bureau of Labor Statistics, Accessed 10/7/11)

911,000:

 Private Sector Jobs Lost Since Stimulus Was Passed. (Bureau of Labor Statistics, Accessed 10/7/11)

818,000:

 Manufacturing Jobs Lost Since Obama Took Office. (Bureau of Labor Statistics, Accessed 10/7/11)

709,303:

 Personal Bankruptcies During First Half Of 2011. (The Wall Street Journal, 7/5/11)

690,969:

 Avoided Foreclosure Through HAMP, Obama Had Promised To Help As Many As Nine Million. (Los Angeles Times, 10/5/11; President Obama, Remarks In Mesa, AZ, 2/18/09)

$278,000:

 Cost Per A Stimulus Job. (The Weekly Standard, 7/6/11)

170,300:

 Number Of Local Government Education Jobs Lost Since Obama Signed A $10 Billion Teacher Union Bailout He Said Would Save 160,000 Teacher Jobs. (Bureau of Labor Statistics, Accessed 10/7/11; The Washington Post, 8/10/10)

89,000:

 The Number Of Stimulus Checks Sent To Dead Or Incarcerated People. (The Wall Street Journal, 10/7/10)

81,405:

 Record Number Of Pages Added To The Federal Register In 2010. (Competitive Enterprise Institute, 2011)

57,700:

 Number Of Heavy And Civil Engineering Construction Jobs Lost Since The Stimulus Was Passed. (Bureau of Labor Statistics, Accessed 10/7/11)

$48,120:

 Your Share Of The National Debt.(U.S. Treasury Department Accessed 10/6/11; U.S. Census Bureau, Accessed 10/6/11)

45,696:

 Pages Of New Rules Added To The Federal Register During Obama’s First Two Years In Office. (Competitive Enterprise Institute, 2011)

$26,668:

 Amount Obama’s FY2012 Budget Would Add To Your Share Of The National Debt By 2021. (U.S. Treasury Department Accessed 10/7/11; OMB, 9/1/11; U.S. Census Bureau, Accessed 10/7/11)

23,000:

 The Number Of Jobs Obama Knew His Drilling Moratorium Would Kill. (The Wall Street Journal, 8/21/10)

$15,500:

 Annual Cost Per Household Of Federal Regulations. (Small Business Administration, September 2010)

$13,700:

 Increase In Your Share Of The National Debt Since Obama Took Office. (U.S. Treasury Department Accessed 10/6/11; U.S. Census Bureau, Accessed 10/6/11)

        $11,300:

 Negative Effect Of Debt On Gross National Product Per Person In 2035. (CBO, 6/22/11)

$10,585:

 Cost Per Employee That Federal Regulations Place On Small Businesses. (Small Business Administration, September 2010)

3,700:

 Number Of Tax Delinquents Who Received Stimulus Funds. (Government Accountability Office, April 2011)

2060:

 Year Federal Spending Will Reach 50 Percent Of GDP. (CBO, 6/22/11)

2037:

 Year That Federal Debt Will Reach 200 Percent Of GDP. (CBO, 6/22/11)

2036:

 Year That The Social Security Trust Fund Will Be Exhausted. (The Trustees Of Social Security & Medicare, 5/10/11)

2020:

 Year That The CBO Predicts Medicare’s Trust Fund Will Be Exhausted. (CBO, 3/18/11)

1,603:

 Number Of Regulations That Would Impact Small Businesses Proposed By Obama Administration In First Two Years In Office. (Competitive Enterprise Institute, 2011)

1,578:

 Number Of Waivers Granted To Unions And Businesses So That ObamaCare Would Not Outlaw Their Health Care Plans. (HHS.gov, Accessed 10/6/11)

408:

 Number Of Regulations Proposed By Obama During First Two Years That Have An Economic Impact Of Over $100 Million. (Competitive Enterprise Institute, 2011)

80%:

 Small Businesses That Could Be Forced To Change Health Care Plans As A Result Of ObamaCare. (The Washington Post, 6/15/10)

79%:

 Stimulus Funds For Wind, Solar And Geothermal Energy Projects That Went To Foreign Firms. (Investigating Reporting Workshop/ABC’s World News Tonight/Watchdog Institute, 2/8/10)

64%:

 Voters Who Disapprove Of Obama’s Handling Of The Economy. (Quinnipiac Poll, 2118 RV, MoE 2.1%, 9/27-10/3/11)

55%:

 Americans That Disapprove Of Obama’s Handling Of The Presidency, The Highest Level Since Taking Office. (Quinnipiac Poll, 2118 RV, MoE 2.1%, 9/27-10/3/11)

44.8%:

 Top Tax Rate By 2014 Under Obama’s FY2012 Budget. (The Washington Post, 5/16/11)

43%:

 Americans That Believe Their Taxes Will Go Up If Obama Is Reelected. (Quinnipiac Poll, 2118 RV, MoE 2.1%, 9/27-10/3/11)

40.5:

 Number Of Weeks That It Takes To Find A Job. (Bureau of Labor Statistics, Accessed 10/7/11)

39.8%:

 Increase In National Debt Since Obama Took Office. (U.S. Treasury Department Accessed 10/6/11)

32.4%:

 Unemployed Workers Out Of Work For Over A Year. (Bureau of Labor Statistics, Accessed 10/7/11)

32:

 Record Number Of Straight Months With Unemployment Rate Above 8 Percent. (Bureau of Labor Statistics, Accessed 10/7/11)

31%:

 Share Of Existing Home Sales In August That Were Distressed Properties (Foreclosures And Short Sales). (National Association Of Realtors, 9/21/11)

25.9%:

 Federal Spending As A Share Of GDP By 2021. (CBO, 6/22/11)

23%:

 Home Loans Underwater (Negative Equity) In August. (Lender Processing Services, 10/3/11)

18%:

 Amount GNP Would Be Lowered Due To Debt’s Effect On Economic Growth By 2035. (CBO, 6/22/11)

17%:

 Cut To Medicare Benefits When Trust Fund Is Exhausted. (House Ways & Means Committee Hearing, 6/22/11)

16.5%:

 Workers Unemployed Or Underemployed. (Bureau of Labor Statistics, Accessed 10/7/11)

15.1%:

 Americans Living In Poverty. (U.S. Census Bureau, 9/13/11)

9.1%:

 Unemployment Rate. (Bureau of Labor Statistics, Accessed 10/7/11)

8.13%:

 Percent Of Home Loans Delinquent In August. (Lender Processing Services, 10/3/11)

5.1%:

 Decline In Median Home Sale Price In The Last Year. (National Association Of Realtors, 9/21/11)

3.6%:

 Inflation Rate During The Last 12 Months. (The Wall Street Journal, 7/6/11)

3:

 Record +$1 Trillion Deficits On Obama’s Watch. (CBO, 10/7/11)

2.3%:

 Decline In Median Household Income In 2010. (U.S. Census Bureau, 9/13/11)

2.2%:

 Residential Investment In Second Quarter, Lowest Level Since 1945. (The Wall Street Journal’s “Real Time Economics,” 10/1/11)

1.3%:

 GDP Growth In The Second Quarter Of 2011. (Bureau Of Economic Analysis, Accessed 10/6/11)

0.4%:

 GDP Growth In The First Quarter Of 2011. (Bureau Of Economic Analysis, Accessed 10/6/11)

0:

 Other People Obama Will Have Left To Blame For The Failures Of His Economic Policies In 2012. (The American People, 11/6/12)

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