Rep. Bilirakis Op-ed: Avoid 'Taxmageddon:' Low taxes help all Americans
Rep. Gus Bilirakis (FL-09)
The Tampa Tribune,
Aug 7, 2012 -
Should Congress and President Obama fail to act before the end of the year, a nearly $500 billion tax hike — ominously referred to as "Taxmageddon" — is poised to wreak havoc on American taxpayers and small businesses starting Jan. 1, 2013. Taxmageddon's menacing connotation is well-deserved.
The $500 billion tax increase, which is driven by the scheduled expiration of policies originally enacted in 2001 and 2003, as well as the start of five new tax hikes from Obamacare, will quickly steer an already fragile American economy back into a recession.
Last week, the House passed legislation that would halt the upcoming tax hikes on all taxpayers, a measure supported by a majority of the American people. It will help small businesses grow, invest and create new private-sector jobs that Americans need.
Nonpartisan analysis by Ernst & Young found the Democrats' plan for a tax hike will destroy more than 700,000 American jobs and lead to lower wages nationwide (for those lucky enough to have a job in the Obama economy). Nationwide, these tax hikes would cost more than $4 trillion over the next decade. And for Florida residents, Taxmageddon would mean a tax increase of more than $37 billion next year and nearly $3,700 for every tax return in the state.
Rather than act to prevent taxes from rising on millions of Americans, President Obama recently told American small business owners, "If you've got a business, you didn't build that." After that comment, it's no wonder he believes that small business owners aren't paying their fair share and deserve a huge tax increase during the worst jobless crisis since the Great Depression and with a tepid economy that's growing at just 1.5 percent.
Right now, we have an opportunity — and a need — to come together, keep taxes from rising and reform our tax code to create a policy that is simpler, fairer and more globally competitive. The United States tax code is far too complex and bloated. It forces American citizens and small business owners to devote valuable time and resources filling out cumbersome tax forms instead of spending time with their families and focusing on their businesses.
Fundamental reforms are long overdue. We must focus on eliminating loopholes, reducing the number of tax brackets, establishing a lower corporate rate to make America competitive in the global marketplace and eliminating the alternative minimum tax, among other issues.
When coupled with spending restraint that is necessary in Washington, these common-sense tax reform policies will help put the United States back on the path to prosperity.
Online: The Tampa Tribune