A new report, “The Folly of ‘Taxing the Rich’,” from U.S. Senator Jim DeMint (R-South Carolina) reveals that President Obama’s proposed $1.5 trillion tax hike on “the rich” would punish the middle class by destroying the jobs they depend on. Some important findings include:
• Nearly 40% of increased tax revenues from raising the top rates would come from small businesses.
• The President’s new taxes could threaten to destroy up to 1.2 million jobs per year and would cost small businesses $74 billion annually.
• Squeezing the rich doesn’t work. Despite marginal tax rates as high as 90% and as low as 28%, federal tax revenues have remained fairly constant around 18% of GDP.
• America has the most progressive tax system. The top 10% of households pay 45% of all U.S. taxes, a higher tax burden on upper income earners than any other industrialized nation.