It was recently brought to my attention by Curtis Dubay of the Heritage Foundation that some additional taxes in the budget were proposed by President Obama. The president says that job creation is his top priority, but his budget includes a number of tax increases that will hurt job creation and economic recovery.
Among the taxes that Dubay lists is the death tax. This would certainly hurt small, family owned businesses and farms. He also speaks against Obama's plan to raise taxes on money that American companies make overseas. Dubay claims that,"The U.S. is the only country in the world that taxes the overseas income of its businesses. All other countries tax only income earned within their borders." We need to be encouraging American companies to do business with overseas companies.
Another proposal in the budget would change the tax breaks for American businesses in Section 199 of the Federal Tax Code. Section 199 gives certain American manufacturers tax breaks that help them be competitive in the international market. One industry that will be particularly hurt will be the energy industry. The elimination of this tax credit is essentially a tax increase. Obviously these taxes will only be paid by American companies. This does two things. First, it makes the playing field uneven. It is going to be very difficult for an American business to compete with foreign companies who have lower tax rates, cheaper labor costs, etc. Second, this gives American businesses another reason to move overseas and take American jobs with them.
A number of companies have moved to Switzerland because of the low tax rates there. Let's encourage more jobs and dollars to stay in America.
Be a responsible and accountable citizen - VOTE FOR A MORE CONSERVATIVE AMERICA!
Richard Stout, Neosho, MO