Vote Comes Despite High Unemployment & Warnings From Missouri Farmers & Small Business Owners That Higher Taxes Would “Devastate” Job Growth

Just as she’s done over 50 times during her tenure in Washington, Missouri’s liberal Senator Claire McCaskill stood with President Obama today and voted for a massive tax hike on Missouri small businesses, families, farmers and ranchers.  McCaskill even voted to reinstate the massive death tax, despite previously claiming to oppose it.

“Liberal Claire McCaskill has never met a tax hike that she didn’t like and once again, standing behind President Obama was more important for Senator McCaskill than standing up for Missouri farmers and small business owners,” National Republican Senatorial Committee (NRSC) spokesman Lance Trover said today.  “Under McCaskill and Obama’s watch we’ve seen 41 straight months of unemployment above 8 percent, an almost $16 trillion debt and over 1,100 days without a budget.  If Missourians want to reverse course and restore common sense in Washington, they can start by retiring Claire McCaskill in November.”

Remarkably, McCaskill’s vote came just hours after President Obama’s own Treasury Secretary testified before a House Committee and admitted that the “economy is not growing fast enough and unemployment is very high.”  

It also comes as McCaskill has said on the record that she supports extending tax cuts for those earning less than $1 million.   And just yesterday, the Missouri farm bureau sent a letter to Senators saying point blank that the Democrats’ tax bill “exemption is not high enough to protect a typical farm or ranch.”

BACKGROUND.…

Treasury Secretary Timothy Geithner Admitted Just Today That “The Economy is Not Growing Fast Enough.” GEITHNER: “But I’ll tell you my general view on this. The economy is not growing fast enough. Unemployment is very high. Huge amount of damage left in the housing market.” (House Financial Services Committee, U.S. House Of Representatives, Hearing, 7/25/12)

McCaskill Said She Supported Extending The Tax Cuts For People Earning Less Than $1 Million. WALLACE: “So let me just make sure, real quickly — I understand what you’re saying is that you would back off the idea of making the cutoff point $250,000. You say extend the Bush tax cuts for everyone who’s making less than a million dollars a year?” SEN. MCCASKILL: “That’s what I think is the right approach. That’s the approach I’m going to be working for. I can’t speak for the rest of my caucus; I certainly can’t speak for the president of the United States.” (Fox News, “Fox News Sunday,” 11/28/10)

McCaskill on the Estate Tax): “Estate tax issue draws local input … McCaskill said today in a written statement. ‘I support extending the current exemption so that we don’t hurt family farmers.’” (“Estate Tax Issue Draws Local Input,” Columbia Daily Tribune, 6/7/06)

July 13, 2012, Majority Leader Reid Announced A Tax Plan That Only Extended The Tax Cuts For Those Earning Less Than $200,000. “Senate Democrats will push a one-year tax cut proposal for individual Americans earning $200,000 or less annually, setting the stage for a showdown in coming weeks with Republicans over extending the Bush tax cuts, according to a new plan circulating on Capitol Hill.” (John Bresnahan, “Senate Dems Push One-Year Tax Cut,” Politico, 7/13/12)

• “With Only 53 Democrats – And Reid Calling For A Straight Majority Vote For Any Tax Proposal – Democratic Leaders Cannot Afford To Lose Any Support.” (John Bresnahan, “Senate Dems Push One-Year Tax Cut,” Politico, 7/13/12)

ADDITIONAL BACKGROUND….

Missouri Farmers & Small Business Owners Spoke Out Against Claire McCaskill’s Tax Hike

MISSOURI FARMERS: “…exemption is not high enough to protect a typical farm or ranch from estate taxes considering land values and the cost of machinery, equipment and farm buildings. Two years ago we shared with you the stories of two Missouri farm families—one frustrated with estate planning because of ever-changing laws and another struggling to pay inheritance taxes to the Internal Revenue Service. We are certain there are more families just like them…” (Letter To Sen. McCaskill, Missouri Farm Bureau Federation, 7/24/12) 

CHAMBER OF COMMERCE: “Increasing taxes now will undermine economic recovery, choke off job creation, and take money out of the hands of the individuals and businesses that create jobs, spur investment, boost consumption, and promote economic growth.” (“Key Vote Alert On S. 3412, The “‘’Middle Class Tax Cut Act,’” The Chamber Of Commerce, 7/24/12) 

• “The Chamber urges you to oppose S. 3412, which would impose a massive tax hike on American businesses.” (“Key Vote Alert On S. 3412, The “‘’Middle Class Tax Cut Act,’” The Chamber Of Commerce, 7/24/12) 

NATIONAL FEDERATION OF INDEPENDENT BUSINESS: “This legislation would raise tax rates on small businesses at a particularly fragile time for the economy, stifling growth and investment when we can least afford it.” (National Federation Of Independent Business, Letter To Senators, 7/24/12)

• “This tax hike disproportionately impacts small businesses… will shrink the economy by 1.3 percent and result in the loss of 710,000 jobs.” (National Federation Of Independent Business, Letter To Senators, 7/24/12)

• “…the maximum estate tax rate will revert to 55 percent while the exemption level will drop to $ 1 million. This will increase the number of estates hit with the tax from 3,600 to 46,700, including 21,700 small businesses.” (National Federation Of Independent Business, Letter To Senators, 7/24/12)

NATIONAL ASSOCIATION OF MANUFACTURERS: “…S. 3412 would result in higher taxes for the vast majority of manufacturers in the United States, threatening their ability to create jobs. …the possibility of these tax increases has forced many manufacturers to put investment and hiring plans on hold.” (National Association Of Manufacturers, Key Manufacturing Vote Letter, 7/14/12)

• “…the bill’s plan to restore estate tax rates and exemptions to pre-2001 levels would hit thousands of family-owned SMMs across our nation.” (National Association Of Manufacturers, Key Manufacturing Vote Letter, 7/14/12)

• “As our economy struggles to regain its footing, now is not the time to increase taxes on job creators and investors.” (National Association Of Manufacturers, Key Manufacturing Vote Letter, 7/14/12)

NATIONAL ASSOCIATION OF WHOLESALER-DISTRIBUTORS: “This legislation would in fact do very great harm to the middle class it purports to help.” (National Association Of Wholesaler-Distributors, Open Letter To Senators, 7/24/12)

• “Despite the unemployment crisis, the Senate is set to vote on legislation which will indisputably make matters worse.” (National Association Of Wholesaler-Distributors, Open Letter To Senators, 7/24/12)