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A new study conducted by Ernst and Young proves conclusively that the Presidents tax increase would be devastating to the economy and jobs.
The study finds that, if Congress misguidedly adopted President Obamas 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 todays economy;
Employment in the long run would fall by 0.5 percent or, roughly 710,000 fewer jobs, in todays 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 Obamas tax increase would needlessly add almost three-quarters of a million people to that already much too large number. Even those with jobs wouldnt escape the pain of President Obamas tax increase, as they would see their wages suffer.
Ernst and Young: Obama
A new study conducted by Ernst and Young proves conclusively that the Presidents tax increase would be devastating to the economy and jobs.
The study finds that, if Congress misguidedly adopted President Obamas 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 todays economy;
Employment in the long run would fall by 0.5 percent or, roughly 710,000 fewer jobs, in todays 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 Obamas tax increase would needlessly add almost three-quarters of a million people to that already much too large number. Even those with jobs wouldnt escape the pain of President Obamas tax increase, as they would see their wages suffer.
Ernst and Young: Obama