RECENT STUDY PROJECTS ANNUAL JOB LOSSES OF 1,705 FOR SIXTH DISTRICT AND OVER 40,000 FOR FLORIDA
 

Washington, Sep 20, 2010 -

“Raising taxes is not a sound fiscal policy given our struggling economy,” said Rep. Cliff Stearns (R-Sixth).  “However, President Obama and the leadership in Congress want to allow current tax-relief provisions to expire at the end of this year, leading to a steep tax hike in 2011 that will devastate job creation.”

Stearns cites a recent study* by the Heritage Foundation that outlines the projected job loss across the nation down to the congressional district level if these provisions expire.  Explained Stearns, “The study shows the decrease in jobs and in personal incomes with these tax increases, which would lead to an annual loss of 1,705 in the Sixth District and 40,418 in Florida.  In addition, total disposable personal income would decline $5,405 in the Sixth District and $17,696 in our State per household.Raising taxes on small businesses and those earning $250,000 or more would result in fewer jobs and less investing.”  Annual job losses for the nation are projected at nearly 800,000 from 2013-2019. 

In addition, CNNMoney.com conducted a series of economic surveys that showed that extending the tax cuts for all taxpayers would be the best step Congress could take to strengthen the economy.  “Thirty-one economists were surveyed and 18 selected extending the tax cuts for all Americans as the best option under consideration; only three selected the Obama plan to raise tax on the top two brackets,” added Stearns.  CNNMoney.com quotes an economics professor from the University of Central Florida, Sean Snaith, “Extend tax cuts for all income levels and do nothing else.  More of the same piecemeal, patchwork policies put forth by this administration will undermine confidence and do little to change the path the economy is on.”

*  http://www.heritage.org/research/reports/2010/09/obama-tax-hikes-the-economic-and-fiscal-effects