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BREAKING: Joint Tax Committee:
One-Third of Surtax Revenue
Will Come from Small Employers

From Ryan Ellis on Thursday, November 5, 2009 1:37 PM
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Americans for Tax Reform has obtained a copy of private correspondence between the Joint Tax Committee and Congressional staff.

Click here to read the whole letter.

The key piece of news is that the JCT--the official Congressional tax scorekeeper--has said that one-third of the tax revenue raised by the 5.4 percent surtax in H.R. 3962 will come out of the bank accounts of small business employers.

Not "the rich."  Not someone else.  Main street small businesess, who employ one out of every three Americans with a job.

This is consistent with our analysis earlier this week that the surtax will be assesed on 57 percent of partnership and S-corporation profits.

Permalink | Email | Print | Tags: TAXES, HEALTHCARE, THEPLEDGE

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Comments

Please fight this HealthCare Reform. We do not want government involved in our healthcare....Save America before it is too late.
>> June London Thursday, November 5, 2009 4:30 PM

This surtax is an abomination. Not only should it be removed, it definitely should NOT apply to capital gains or interest income. Middle class families who take distributions, after saving for a lifetime, would get hammered by this surtax. Furthermore, this tax will encompass much of the middle class in years ahead since it is not indexed to inflation. Lastly, the true cost of the House Bill is NOT being disclosed. The $1+ trillion price tag covers just SIX years, not Ten. The true cost is well in excess of $1.5 trillion - and that assumes the initial estimates are reasonable. The reality is, the 10 year cost of the House Bill will be someplace betwen $2-$3 trillion starting in the 10 years following 2013.
>> Anon Ymous Sunday, November 8, 2009 3:40 PM

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