Obama Tax Hike would kill jobs, economy

[Wiseacre]

snippet:

A new study conducted by Ernst and Young proves conclusively that the President’s tax increase would be devastating to the economy and jobs.

The study finds that, if Congress misguidedly adopted President Obama’s plan to raise taxes on job creators by allowing the Bush-era tax policies to expire for incomes over $200,000 ($250,000 for married filers), the economy and jobs would suffer terribly:

Output in the long run would fall by 1.3 percent, or $200 billion, in today’s economy;
Employment in the long run would fall by 0.5 percent or, roughly 710,000 fewer jobs, in today’s economy;

Capital stock and investment in the long run would fall by 1.4 percent and 2.4 percent, respectively; and real after-tax wages would fall by 1.8 percent.

There are almost 13 million Americans out of work today. President Obama’s tax increase would needlessly add almost three-quarters of a million people to that already much too large number. Even those with jobs wouldn’t escape the pain of President Obama’s tax increase, as they would see their wages suffer.

Ernst and Young: Obama

 

[RoadVirus]

snippet:

A new study conducted by Ernst and Young proves conclusively that the President’s tax increase would be devastating to the economy and jobs.
Ernst and Young: Obama

Like Obama cares about that!

 

[Wiseacre]

Yeah, but by God things will be more fair!

 

[Lakhota]

History paints a different picture than the OP:

CHART: Lower Taxes On The Rich Don't Lead To Job Growth | ThinkProgress

Rich People's Taxes Have Little to Do with Job Creation

 

[NYcarbineer]

So are you acknowledging that the only way we can maintain employment at these levels is to continue running these size deficits?

 

[WillowTree]

We'll find out soon. cause obamatax is the highest tax increase in AMERICAN history.

 

[NYcarbineer]

We'll find out soon. cause obamatax is the highest tax increase in AMERICAN history.

That's already been proven false you dried up old leech. Get a job.

 

[Jroc]

Through lower after-tax rewards to work, the higher tax rates on wages reduce work effort and labor force participation. The higher tax rates on capital gains and dividend increase the cost of equity capital, which discourages savings and reduces investment. Capital investment falls, which reduces labor productivity and means lower output and living standards in the long-run.

 Output in the long-run would fall by 1.3%, or $200 billion, in today‟s economy.
 Employment in the long-run would fall by 0.5% or, roughly 710,000 fewer jobs, in today‟s economy.

 Capital stock and investment in the long-run would fall by 1.4% and 2.4%, respectively.

 Real after-tax wages would fall by 1.8%, reflecting a decline in workers‟ living standards relative to what would have occurred otherwise.

These results suggest real long-run economic consequences for allowing the top two ordinary tax rates and investment tax rates to rise in 2013. This policy path can be expected to reduce long-run output, investment and net worth.

http://www.nfib.com/LinkClick.aspx?fileticket=OMV7uZczVaM=&tabid=1083

 

[occupied]

You mean the republican designed election year wedge issue that they did not have the guts or the will to settle like reasonable people last year? You can blame this shit on Obama but he would have probably signed anything that landed on his desk just to put it behind him.