RNC Women

In just 38 days, if Congress continues to fail to act to renew the Bush tax cuts, each and every taxpaying American will see his or her taxes go up on New Year’s Day.  Estimates show that allowing the tax cuts to expire on December 31^st will result in a $3.9 trillion tax increase. 

Unemployment continues to linger at nearly 10 percent.  In some states, the number of people out of work is even higher.  If there was ever a wrong time to raise taxes – this would be it.  Yet Democrats in Congress, led by Nancy Pelosi and Harry Reid, continue to block efforts to renew the tax cuts for every American. 

According to CNN, a married taxpayer making $70,000 with two kids per year will see his or her taxes go up by $2,600.   A similar taxpayer who makes $50,000 per year will see taxes go up even more, by a total of $2,900 per year. 

Because the Democrat Congress has failed to act, taxpayers have no way of knowing what their total tax bill will be for the next year.  That makes it more difficult to budget for family expenses, and creates uncertainty that prevents investment and economic growth.  Small business will also see their taxes go up if the Bush tax cuts are allowed to expire, which is causing many small business owners to take a wait and see approach before hiring new workers or investing in new infrastructure. 

Nancy Pelosi and her Democrat Congress have had years to act to renew the Bush tax cuts and provide certainty to the American people.  The fact that they chose to play a game of political “chicken” with an issue this important, and brought the American people just 38 days from a crippling tax increase, is all the proof that is needed to show that the American voters did the right thing by electing a new Republican majority to Congress this November.