September 18, 2008
ATR: Obama’s Tax Hikes=Patriotism?
To: POLITICAL EDITORS
Contact: John Kartch of Americans for Tax Reform, +1-202-785- 0266, [email protected]
Is it "Patriotic" to raise taxes on small business?
WASHINGTON, Sept. 18 /PRNewswire-USNewswire/ -- Under Barack Obama's tax plan, the bulk of small business profits would be subject to a higher tax rate. In the worldview of the Obama campaign, the increased tax burden would make small business owners and workers much more "patriotic" under the Obama plan.
"It's time to be patriotic" said Obama running mate Sen. Joe Biden during an interview aired today on ABC's Good Morning America, responding to questions on how to address the economic concerns of Americans. The interview may be viewed on the ABC News website at http://abcnews.go.com/GMA/
BIDEN: "We want to take money and put it back in the pocket of middle class people."
ABC NEWS, KATE SNOW: "Anybody making more than $250,000 is ..."
BIDEN: "Is gonna pay more. It's time to be patriotic, Kate. Time to jump in, time to be part of the deal, time to get America out of the rut."
According to IRS data, two-thirds of small business profits are earned in households making at least $250,000 per year -- those same households in the crosshairs of the Obama-Biden tax plan. By the Obama-Biden campaign's own admission, this tax rate would approach 50 percent.
"Samuel Johnson once said 'patriotism is the last refuge of the scoundrel,'" said Grover Norquist, president of Americans for Tax Reform. "I say tax increases are the last refuge of politicians who won't govern, and Obama and Biden have put the two ideas together."
Obama himself has admitted that his tax hike plan would affect economic behavior. During an interview aired during the Sept. 7 edition of ABC's This Week, host George Stephanopoulos asked Obama if he would still enact tax increases if there was a recession upon taking office.
Obama replied: "I think we've got to take a look and see where the economy is. I mean, the economy is weak right now. The news with Freddie Mac and Fannie Mae I think, along with the unemployment numbers, indicates that we're fragile."
(View the interview at www.youtube.com/watch?v=_7fSZiZG91o)
"Obama knows his tax plan will hurt the economy," said Norquist. "The only question he has is whether to raise taxes now or later."
Americans for Tax Reform (ATR) is a non-partisan coalition of taxpayers and taxpayer groups who oppose all federal, state and local tax increases. For more information or to arrange an interview, please contact John Kartch at (202) 785-0266 or at [email protected]
SOURCE Americans for Tax Reform
(c) 2008 U.S. Newswire. Provided by ProQuest LLC. All rights Reserved.