Congressman Tom Price (R-GA) issued the following statement on the wide array of job-killing tax increases set to take effect on January 1, 2011.

“Right now, families and small businesses only know what their tax rates will be for the next sixty days,” said Congressman Price. “The enormous uncertainty about taxes has left people all across the country unable to plan for the future. People are delaying their economic decisions as a result of this uncertainty, which means less hiring by businesses and less buying by consumers.

“It is bad enough that Democrats have allowed this tax hike uncertainty to go on for so long. Allowing taxes to rise next January would compound the job-killing mistakes the majority party has already made. Once Washington stops the coming tax hikes and starts tackling spending, we can spur a real recovery and get back on the path to a balanced budget.”

NOTE: Below is a partial list of the tax hikes set to take effect on January 1, 2011. Click here for more information.

Personal Income Tax Hikes – The lowest-income taxpayers (the 10% bracket) get bumped up to 15%. Tax rates for the top four brackets will rise to 28%, 31%, 36%, and 39.6%. That’s less money your family will have to discuss around the dining room table. It is important to note that many small businesses, the engine of job creation, also file taxes at these rates.

Savings and Investment Tax Hikes – Individual capital gains tax rates will increase to 20% and 10% (from 15% and 0%). The double taxation of dividends will increase by as much as 164% (as they will no longer be taxed at the capital gains rate for individuals). Higher taxes on savings and investment will result in less of both – and a weaker job market.

The Marriage Penalty – Married couples will once again be penalized for their commitment with a higher tax burden relative to non-married couples with similar incomes.

The Death Tax – This macabre tax was eradicated this year, but next year it will return from the grave to confiscate up to 55% of a deceased person’s assets over $1 million. The Death Tax would be responsible for the demise of small businesses shortly after the demise of their owners (because the inheritors must sell the business to pay the tax).